Cyber Crime In Indian Banking Sector: Impacts And Solutions

ITECH 5500 Professional Research and Communication

Background of Research Topic

Cyber crime is getting increased with respect to various technological developmental aspects involved within the different economic sectors of country. In contrast with these facts, this is identified that financial sectors of different countries are affected due to the potential impacts of financial development. Vulnerability of computers and fundamental aspects that includes various malicious functionalities within computers and devices includes malfunctions to the operating system architectures. This research paper is considering the present scenarios and impacts of cyber attacks within the financial institutions of India (Chang, 2016). This paper is identifying the impactful cyber security threats and their solutions in order to resolve the security impacts on the banking sectors of India with respect to various activities done by users and clients of Indian bank services. The cyber criminals introduces various malicious codes and potential threats within the system architecture of banking operations which causes the blockage of growth issues involved within the Indian banking sectors.  This research paper has developed a group of research questions that highlights the objectives of this research. In addition to this, the problem statement for this research is also elaborated within this research paper that shows the impactful areas of research that is related to the cyber security threats of banking sectors.

The main problems statement of this research is given as follows: “the increasing cyber crimes and threat is impacting on the growth of the Indian banking sectors”. This research paper is aiming at identifying the potential threats of cyber crimes involved within the banking sectors. In addition to this, valuable solutions are also elaborated within this report with respect to various functional and fundamental aspects involved within the financial institutional services of India.  

Cyber crime is one of the major and impactful technological disadvantages that are recognized in case of the evolution of several applications of internet. Now the computer and hardware devices used within the computers are used for attacking the personal information of the computers. The cyber criminals are targeting the development of technology and also it is harmful for the users and clients those are using cyber criminals involves within the system architecture of the internet applications. Cyber crimes can be defined as the offenses that are involved and introduced against the individuals or groups with one criminal motivation that introduces various economic and fundamental issues within the system architecture of internet applications (Choo, 2014). This internet connectivity is distributed with respect to various modems and technological advancements included within the telecommunication services. This internet connectivity imposes various viruses and malicious codes for attacking the personal and technical information about any data sets. All of these harmful impacts are called as the cyber crimes and the attackers are called as cyber criminals.  There are various business sectors that are harmed by these cyber crimes and the motivations of cyber criminals, such as healthcare, education, banking and other financial sectors etc. In this research process Indian banking sector is chosen for managing the development aspects involved within the these sectors for cyber criminals.

Problem Statement

Hacking issue: Hacking is known as unauthorized access to the personal or secret data. There are various options that are available for banking security mechanisms through their online portals. Therefore, banking sectors faces various issues for managing their financial data with respect to online activities (Czosseck et al., 2013). The activities are controlled with respect to security measures. the hackers run various malicious codes and these affect into the entire system and all the personal or corporate information is hacked.

Credit Card Fraud: Credit card is one of the best possible ways transacting money to the considered or concerned users. There are various examples that are identified as credit card frauds. The users generally use payment through these cards and the hacking is introduced through these money transfers. The hackers generally use the card data for managing their personal intensions for meeting their requirements. The credit card owners are generally unaware of this hacking and they are suffered from cash transfer or identity threats in the banking sectors.

Phishing and Identity threat: Phishing is nothing but another scam that is introduced within the banking sectors with respect to various functional aspects and security measures that are violated by the hackers and cyber criminals (Foster, 2015). In this type of security issues, identity threats are highlighted within the banking sectors and the email ID and passwords and further user identity related data or information are hacked and revealed to the hackers.

Key Stroke logging or Key logging: Key logging is another security issues that is introduced by the cyber criminals involved within the banking sectors. In addition to this, key loggers are Trojan software programs that harm the computer and all of the track records are forwarded to the cyber criminals and they hack all the information of the users and organizations.

Viruses: Viruses is another program that infects the files and documents involved and used within the system architture as well as organizational structure of the banking sectors with respect to their demands and needs (Fourie et al., 2014). The cyber criminals target these documents that are harmed by the viruses and these impacts on the operational conditions of the devices.

Spyware: Spywares are another impactful security issue that impacts on the security measures of the financial institutions. Spyware works through the potential capturing of information with respect to the computers and operational devices that are used within the banking sectors with respect to the fundamental aspects of the banking sectors (Gallagher et al., 2014). The banking sectors use various devices and functional aspects for managing their developmental aspects that injects spywares for harming the devices as well as operational excellences of the devices.

Literature Review

Watering hole: This is also considered as the cyber fraud this is involved within the financial sector with respect to the phishing attacks. The malicious codes are injected into the web pages of the users. These codes in term harm the websites and the people’s information as well as devices for operating on these functional aspects that includes hacking tricks.

Credit Card Redirection and Pharming: Pharming is recognized as the phishing processes. The phishing processes mainly harms the websites with malicious codes and functional aspects of hacking of personal information of users and clients that are using those sites for their personal usages (Gross et al., 2016). Bank’s URL links are hijacked with respect to these functional aspects. Websites injects viruses to the system architecture of security aspects.

DNS Cache Poisoning: DNS is another security threat that is involved or introduced within the information system architecture of baking sectors. Poisoning of DNS servers are harmful to the sites and functional blocks of cache that makes the system affected and poisoned with respect to hacking activities. The malwares are injected through the websites and functional blocks of the hackers that cause cyber criminal activity. 

Malware based attacks: malware based activities are another important cyber criminal activity that causes attacks and functional security cases. Malwares are generally injected into the system with respect to malicious codes and injection of malicious codes.

The banks are experiencing various cyber security risks involved within the system architecture of the online activities that are used by the banking sectors. The banks experiences various issues related to the cyber security issues and fictional causes that introduce security measures.  Therefore, the considered security solutions are elaborated as follows with respect to the processes of banking sectors:

Tracking of origin of crime: Tracking of origin of criminal activities are important for identifying the security threats involved within the financial sectors such as banking sectors (Harrington, 2014). The banking sectors should monitor and finalize the security issues and their solution measures that needs to be managed with respect to the security measures involved within the system architecture of the internet banking activities that are perfumed by users as well as clients.

Growth of underground cyber crime economy: Growth of underground cyber crimes over a period of economy that suits the development of fundamental aspects of cyber crimes. This aspect makes the authority aware about the security case scenarios that prevent the attacks within the banking sectors with respect to the development of the cyber criminal activities. 

Shortages of skills for cyber crime figures: Shortages of skills about the security issues and risks associated with the financial data hacking issues includes blockages of security issues management programs (He et al., 2015). Therefore, the security issues can be easily resolved with respect to establishing control measures of security issues. Therefore, the banking sectors should recruit professionals in solving security issues and finding solutions about hacking issues.

Widespread use of pirated software: Widespread use of the pirated software applications are another issue that is highlighted as the cyber crime within the banking sectors (He et al., 2015). Pirated software should be avoided for securing the devices and software packages involved within the system architecture of the financial sectors that are highlighted as the cyber crimes within banking sector. The banking sector should be protected with respect to these pirated software packages.

Security of network: Security of networks should also be done in order to get rid of the security threats involved within the banking sectors.

Deletion of spams: Deletion of spams is another issue that is highlighted as the major security threat involved within the system architecture of the organizations.

Aware behavior of users: Aware behavior of the users can easily prevent the security threats involved within the banking sectors with respect to their functional aspects involved within the banking sector. 

Security of banking passwords:  Security of the banking passwords and information can easily manage the development of security prohibition acts introduced within the banking sectors.

There are various technological innovations that are introduced within the development of financial services and functional aspects within India. The country has experienced various innovations and functional development introduced within the financial sectors (Assocham India: Cyber crimes in India, study by, 2015). Among all of these aspects, NEFT, RTGS and Mobile banking transactions are introduced within the banking sectors in order to manage developmental aspects of banking sectors. In addition to this, some of the information graphs are provided within this part of the report for highlighting the entry of new technology within the banking sectors of India.  All of the following figures are showing the impactful situations and growth of the use of technologies within Indian banking sectors.

The financial service sector in India mainly operates as the group of instructions, such as formal and informal. This function specifies flow of funds within the economy for deficit spenders.

The institutional arrangement of the financial sectors are managed with respect to various functional aspects involved within the Indian banking sectors

Development economies involved within this country are influenced by these technological advancements and functional aspects involved within the financial sector of India that depicts the fundamental development aspects involved within the technical efficiency involved within the financial aspects.

Hypothesis is developed in order to highlight the important possible and impossible consequences involved within the entire research process with respect to the considered research objectives and research questions. Therefore, following are the considered hypothesis:

H1: The identified cyber security threats are impactful on the Indian banking sector.

H0: The identified cyber security threats are not impactful on the Indian banking sector.

H1: The identified cyber security solutions are effective in resolving cyber security issues in Indian banking sector.

H0: The identified cyber security solutions are not effective in resolving cyber security issues in Indian banking sector.

The research outline is nothing but the process of selecting the proper research approaches and functional aspects involved within the entire research process. The method outline is considering the research philosophy as positivism, research approach as deductive and research design as descriptive. All of these aspects are elaborated briefly in the following sections.

Research onion is considered as the tool of methodology that lists the key divisions involved within the research process that conducted the entire research process for managing the identification of the security issues and solutions from cyber security threats.

The research design is helpful element that is helpful in analyzing the entire research process with respect to various functional aspects involved within the financial sectors of India. In contrast with these facts, this research process has chosen the research design is explanatory. Descriptive research process is chosen for managing the development of security threats involved within the banking sector of India.

In case of the research methodology the research philosophy is helpful in gaining information about the entire research process with respect to various functional aspects involved within the financial sectors of India.  Positivism research designs are helpful in analyzing the research topic, therefore, this will be helpful in identifying the significant development of threats from cyber crime within the banking sector of India.

The research approach is identified as the process of research is called as the research approach. The research approach is selected for this research is deductive approaches that show that the researcher is elaborating the facts and consequences involved within the entire research process. The research approach is selected for managing the data analysis techniques for managing the development of functional aspects involved within the research process.

Data collection processes includes the primary and secondary processes involved within the research process. The research process is conducted with respect to primary and secondary research processes. Primary and secondary data resources are concerned for managing the research process. Secondary data resources are collected with respect to various literatures involved within the research process.

The qualitative and quantitative techniques are helpful in identifying the responses of fundamental aspects involved within this research process for managing the data collection processes. This research is considering some literature resources that help the researcher in solving issues and understanding the research processes.

The samples in this research process are the respondents of the research process. These respondents are responsible for managing the development aspects involved within the entire research process. The researcher has selected group of people for analyzing the impacts of cyber security issues involved within the banking sectors of India with respect to their operations.

The sample size for this research is selected for 100 respondents that is effective enough for managing the development of responses involved within the banking sectors of India. The respondents are helpful in highlighting the functional impacts and impactful threats of cyber security issues involved within the banking sectors of India. In addition to this, for analyzing the qualitative responses from the respondents 5 managers are chosen for taking interviews of customer from banking sectors of India for analyzing the impacts of cyber security issues within this sector. These data analysis and data collection processes are elaborated within this research process for analyzing as well as satisfying the research objectives and aims.   

Ethical consideration is one of the most effective and important aspect involved within this research process that is required for managing the right development of the entire research process. Therefore, following are the considered ethical considerations for this research process:

Data applications: Applications of data are effective within this research. The research process is conducted with respect to the applicability of data applications. The data applications should be conducted with respect to various functional aspects involved within the research process. 

Respondent’s involvement: Involvement of respondents are another important aspect that is considered for managing the fair involvement of respondents within the entire research process. There are various significant development aspects that should be managed with respect to functional activities of respondent’ involvements. These should be managed with respect to fundamental aspects involved within the research process.

Respondents Anonymity: The mental strength should be there for identifying the significant development of anonymity within the research process.

The considered research limitations are elaborated as follows with respect to the research objectives and functionalities involved within this research process:

Reliability: The researcher should notice this fact that the entire research process should be reliable with respect to various fictional aspects involved within this research process. The respondents should have reliable measures for supporting the research process. 

Time constraint: The time constraints are another important aspect that needs to be considered within this research process as there is various process of developing the research process but the time is limited and this can be solved with respect to various functional aspects involved within this research process.

Budget constraint:  Budget constraints are another constraints involved within this research process. In addition to this, the budget is fixed with respect to the objectives of the research. Therefore, this limited budget resources can be considered as the limitation of this research process which restricts the development of research process.

The research process is elaborating about the significant impacts of cyber security threats involved within the banking sector of India with respect to various functional aspects involved within this sector. Therefore, links with the research questions and research process are elaborated as follows:

Linking with RQ1: What are the categories of Cyber Crime available in Indian Banking Sector?

This research question is elaborated within this section 2.2. This segment of the research paper is revealing about the significant development of the research process about finding the causes behind the cyber crimes involved within the banking sectors of India. The cyber criminals are destroying the growth of financial service sector that impacts on the users.

Linking with RQ2: What are the impacts of the cyber crime in the Indian banking sector?

This research question is elaborated within this literature review sections involved within this research process with respect to various research processes and functional aspects involved within this research paper.

Linking with RQ3: What is the current scenario of Cyber Crime in India?

This research question is being elaborated in the section of 2.4. This section is elaborating about various data related to cyber crimes involved within this research process. Cyber crime in India is rising with respect to various causes these are elaborated within this research process.

Linking with RQ4: What are the solution measures for resolving cyber crime issues in Indian banking sector?

This research question is elaborated in the section of section 2.3. This section is providing possible solutions measures for cyber security impacts on the financial sector of India.

Conclusion

This can be concluded that the financial sectors are affected because of the intelligent technological development and their dependencies on these innovations. This is identified that mobile banking and development of internet banking applications are increasing the chances of security threats within the system architecture of the banking services. In addition to this, this research paper is considering the financial sector or banking sector of India. Therefore, the researcher has studied various literatures and then presented various information about the causes involved within the cyber crimes that are evolving within the banking sector of India. The entire research report is also elaborating about the solution measures involved within the banking sectors. Research methodology is considered within this research paper that highlights the process of research development stages.

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