Unveiling the Dark Side of Technology: Understanding the Impact of Cybercrime on the BFSI Sector

Abstract

Digital Transformation has brought about unprecedented disruption in the BFSI sector. However, despite the numerous benefits of digitization in banking there are also some inherent challenges. The foremost challenge is the pervasive threat of cyber fraud. Cybercriminals increasingly target banks, individual customers, and financial institutions, resulting in substantial financial losses and posing significant threats to the security and integrity of digital banking systems. To effectively address these threats, it is crucial to understand the various types of cybercrimes. The objective of this study is to examine stakeholders' awareness levels of cybercrimes and preventive measures, assess the cyber security measures adopted by banking institutions, explore users' perceptions of their role in cybersecurity education, and explore the perceptions of the justice system's response to cybercrimes. Statistical analyses, including the Garrett Ranking Conversion Table, T-Test, and ANOVA were conducted to analyze the data. The findings of the study indicate that demographic characteristics significantly influence users’ perceptions and response to cybercrimes, highlighting the need for tailored cybersecurity educational campaigns to address diverse needs and awareness levels in a rapidly evolving digital landscape.