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A study of Cyber-defense strategies adopted by major Public and Private sector Banks of India

The banking and financial services sector and banking institutions across the globe faces three hundred percent greater cyber-attacks as compared to any other industry. The increasing reliance of the modern banking sector on the internet and computer technologies to operate their businesses is the major factor behind the increasing threats and security breaches in recent years. The cyber-attacks against banks increased by 238% from February 2020 to April 2020. More and more banks are adopting Cyber Security frameworks to protect them against cyber-crimes. The goal of the study is to examine the cyber defense strategies adopted by major Public and Private sector banks of India. This paper analyzes the cyber-security and risk assessment measures taken by the banks of India. The study is a comparative analysis of private and public sector banks to know what banks are doing to protect themselves against cyber-attacks. Secondary data has been taken from the reports published by the Reserve Bank of India and the Annual reports of the Top Public and Private sector banks of India. The study provides implications to Banks for assessing their Cyber-security frameworks.