The Impact of cybercrime on the performance of financial institutions in Zimbabwe · Electronic Theses and Dissertations

Author: Ngwenya, Vanessa
Title: The Impact of cybercrime on the performance of financial institutions in Zimbabwe
Abstract: Despite efforts over the years to fortify internal bank controls as a defense against cybercrime, financial institutions continue to suffer financial losses as a result of cybercrime, which also negatively impacts their operations. According to (Kabanda, 2012), cybercrime is becoming more common in Zimbabwe. The estimate that the number of cybercrimes rose by 21.8% between 2010 and 2019 (ZRP 2020) provided evidence for this. In contrast to the 9% of incidents that were documented between 2002 and 2009.The main aim of the study was to analysis on the impacts of cybercrime on the performance of financial institutions in Zimbabwe, is a survey of banks located in Harare Central Business District. The study was guided by the following objectives, to determine the impacts of cybercrime on the performance of financial institutions, to analyse the advancement of technology in the banking sector , to identify types of cybercrime prevalent in financial institutions and to recommend policies that can be put in place to reduce impacts of cybercrime in Zimbabwe. A descriptive survey research design was employed in this study with the goal of painting an accurate and clear image on the impact of cybercrime on the performance of financial institutions. The sample size of 42 respondents was derived using stratified random sampling and convenience sampling techniques. Data was gathered using questionnaires and interview guides. From the study it was found out that technological advancement necessitates cybercrime. Phishing and electronic card fraud, were considered to be more prevalent in financial institutions, hacking being the least. From the research findings, it was deduced that Cybercrime have a negative impact on the performance of financial institutions in Zimbabwe as it causes financial and non- financial impacts. The negative impacts includes reputational loss, direct financial loss and productivity loss. Basing on the conclusion of the study, it can be recommended that, constant educational programs, upgrading system on regular basis, implementation of shielded authentication and use of multi-layer security can help financial institutions to safeguard against cybercrime.
Date: JUNE 2024
Publisher: BUSE
Keywords: Cybercrime, financial Institutions, Zimbabwe.
Supervisor: NIL

Item sets: Department of Intelligence and Security Studies

Media: VANESSA NGWENYA.pdf