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  • Cyber Security in Banking Sector


    Author(s): BEST, Michael; KRUMOV, Lachezar; BACIVAROV, Ioan

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    Abstract:

    Because banks are very often target of a cyber-attack, they have also good security controls in place. This paper analysis modern threats to banks and proposes an approach to detect and visualize the risk of data leakage. In the first part of this paper, a comparative analysis of the most common threats to the banking sector is made, based on both bank reports and cyber security companies. The authors came to the conclusion that at the bottom line, insider knowledge is necessary, which is the result of data leakage. This paper comparatively analysis modern threats to banks and shows an approach to detect and visualize the risk of data leakage. In the second part of the paper, a model - based on network graph - that can enumerate the risk of data leakage is proposed. Graphing a network of an organization with the connections of data flow between assets and actors can identify insecure connections that may lead to data leakage. As is demonstrated in this paper, financial institutions are important targets of cyber attacks. Consequently, the financial sector must invest heavily in cybersecurity and find the best ways to counter cyber attacks and cyber bank robbery attempts.



    References:

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    Additional Information

    Article Title: Cyber Security in Banking Sector
    Author(s): BEST, Michael; KRUMOV, Lachezar; BACIVAROV, Ioan
    Date of Publication: 2019-12-27
    Publication: International Journal of Information Security and Cybercrime
    ISSN: 2285-9225 e-ISSN: 2286-0096
    Digital Object Identifier: 10.19107/IJISC.2019.02.04
    Issue: Volume 8, Issue 2, Year 2019
    Section: Studies and Analysis of Cybercrime Phenomenon
    Page Range: 39-52 (14 pages)



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