Cyber Crime And Bankers Liability

Cyber Crime And Bankers Liability

- Prabhat Singh Suman

Introduction:

Bank's prime duty is to keep the customer information confidential and safe. Use of internet, digitization and virtualization has increased the cyber risk.Reserve bank of India has come out with circular on customer protection, limiting Liability of customers in Unauthorized Electronic Banking Transactions.

Cyber crime can be monetary or non-monetary. Cyber crime is an offence committed to harm the reputation, financials or bother mentally against individuals or groups or nations using networks. Cyber crime is a criminal activity using computer and network.

Cyber risks represent the possibility that technologies, processes and practices at the bank can be circumvented, allowing unauthorized users to modify and/or delete key applications and information, which will affect the accuracy or integrity of processing. Access or extract protected or sensitive information (e.g., Intellectual property- IP, Proprietary Information, Credit Card Information, Personal identifiable information), Disrupt computer controlled operations or access to online systems in prospect of cyber crime means theft of identity, data.Cyber threats are exploited by Unsophisticated attackers, Sophisticated attackers, Organized crime, State sponsored attacks, Organized crime, etc.

Emerging Trends of Cyber crime and its impact: Cyber security requires more attention in financial sector. Now the technology support is omnipresent, so the Infrastructure that support must be sophisticated. Technology is adopted by banks for end to end financial transactions. Now financial transactions are processed on real time basis without human intervention. Users demanding faster, efficient, easier and safe /secure way of transactions.