Impact of Cybercrime on Financial Institutions

Journal Article • 2026

Authors

Linda Osazuwa

Abstract / Description

Cybercrime has become one of the most serious challenges facing financial institutions in the digital age. The increasing use of electronic banking, mobile payments, cloud computing and online financial services has greatly improved efficiency and customer convenience. However, these technological advancements have also created new opportunities for cybercriminals to exploit system vulnerabilities, steal sensitive information, and carry out financial fraud. This paper examines the concept of cybercrime, classification, its major forms or types, causes, and techniques, as well as its wide-ranging impacts on financial institutions. It also discusses regulatory frameworks, emerging cyber threats, and the strategies adopted by financial institutions to prevent, detect, and respond to cybercrime. The study emphasizes the importance of strong cybersecurity governance, staff awareness, and modern security technologies in protecting financial assets and maintaining public confidence in the financial system.

Publication Details

Type
Journal Article

Journal / Source / Project
Academy of Business Studies Journal

Year
2026

Volume / Issue / Pages
VIII I