Abstract
In the modern financial landscape, digital banking has revolutionised the way individuals and businesses manage their finances. However, this digital transformation has also introduced significant security concerns that must be addressed to ensure financial data’s integrity, confidentiality, and availability. This paper explores the multifaceted security challenges associated with digital banking, including cyber threats such as phishing, malware, and data breaches. The paper examines existing security measures and legal frameworks designed to protect digital banking systems. Additionally, the paper identifies key vulnerabilities and evaluates the effectiveness of current solutions. By analysing case studies and real-world incidents, the paper offers insights into best practices and innovative approaches to enhance digital banking security. The paper concludes that as cybercrime advances, banks must upgrade from outdated systems to more modern, secure infrastructure to effectively combat emerging threats. This migration requires a comprehensive overhaul, not just superficial upgrades, to strengthen cybersecurity and protect financial assets.
Keywords:cybersecurity, vulnerabilities, phishing, digital banking, malware.