Towards a Cyber Resilient Banking System: Effectiveness of Cyber Fraud Risk Management Strategies Adopted by Commercial Banks in Zimbabwe
The advent of digital financial technology left the business community and its clients celebrating convenient ways of online shopping, paying bills and money transfers. However, digital banking technology came with its share of challenges, due to highly digitalised economies in the context of the Fo...
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| Format: | Article |
| Language: | English |
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University of Bacău
2023-07-01
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| Series: | Studies and Scientific Researches: Economics Edition |
| Subjects: | |
| Online Access: | http://sceco.ub.ro/index.php/SCECO/article/view/544 |
| _version_ | 1797333653384069120 |
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| author | Bronson Mutanda Maireva Chrispen |
| author_facet | Bronson Mutanda Maireva Chrispen |
| author_sort | Bronson Mutanda |
| collection | DOAJ |
| description | The advent of digital financial technology left the business community and its clients celebrating convenient ways of online shopping, paying bills and money transfers. However, digital banking technology came with its share of challenges, due to highly digitalised economies in the context of the Fourth Industrial Revolution, cyber fraudsters are increasingly targeting and leveraging on financial market infrastructures. Cyber security of banking institutions and the financial systems across the globe remains a major concern of Central Banks, investors, internal auditors and financial risk managers. The purpose of this research paper was to examine the efficacy of cyber fraud prevention measures used by commercial banks in Zimbabwe. The study also looked into the difficulties encountered in managing cyber-fraud. Results indicate that cyber fraud risk management strategies adopted by Commercial banks are partly effective which indicates existence of opportunities for cyber fraudsters to attacks and get away with it at the expense of clients, banks and the financial system as a whole. Results also indicate that Commercial banks are facing quite a number of challenges which include the following: lack of sophisticated systems, cyber attackers are always ahead, some of the clients do not take awareness messages send to them seriously, some clients share passwords and credit cards and lack of enough education and knowhow of employees. The study therefore concludes that, cyber fraud risk management strategies adopted by Commercial banks are partly effective. Monetary and fiscal authorities need to continue monitoring Commercial banks with regard to implementation of cyber security risk based supervision framework. |
| first_indexed | 2024-03-08T08:08:04Z |
| format | Article |
| id | doaj.art-0062127e40134a52bceedb534a8256a8 |
| institution | Directory Open Access Journal |
| issn | 2066-561X 2344-1321 |
| language | English |
| last_indexed | 2024-03-08T08:08:04Z |
| publishDate | 2023-07-01 |
| publisher | University of Bacău |
| record_format | Article |
| series | Studies and Scientific Researches: Economics Edition |
| spelling | doaj.art-0062127e40134a52bceedb534a8256a82024-02-02T09:56:05ZengUniversity of BacăuStudies and Scientific Researches: Economics Edition2066-561X2344-13212023-07-0103710.29358/sceco.v0i37.544466Towards a Cyber Resilient Banking System: Effectiveness of Cyber Fraud Risk Management Strategies Adopted by Commercial Banks in ZimbabweBronson Mutanda0Maireva ChrispenManicaland State University of Applied SciencesThe advent of digital financial technology left the business community and its clients celebrating convenient ways of online shopping, paying bills and money transfers. However, digital banking technology came with its share of challenges, due to highly digitalised economies in the context of the Fourth Industrial Revolution, cyber fraudsters are increasingly targeting and leveraging on financial market infrastructures. Cyber security of banking institutions and the financial systems across the globe remains a major concern of Central Banks, investors, internal auditors and financial risk managers. The purpose of this research paper was to examine the efficacy of cyber fraud prevention measures used by commercial banks in Zimbabwe. The study also looked into the difficulties encountered in managing cyber-fraud. Results indicate that cyber fraud risk management strategies adopted by Commercial banks are partly effective which indicates existence of opportunities for cyber fraudsters to attacks and get away with it at the expense of clients, banks and the financial system as a whole. Results also indicate that Commercial banks are facing quite a number of challenges which include the following: lack of sophisticated systems, cyber attackers are always ahead, some of the clients do not take awareness messages send to them seriously, some clients share passwords and credit cards and lack of enough education and knowhow of employees. The study therefore concludes that, cyber fraud risk management strategies adopted by Commercial banks are partly effective. Monetary and fiscal authorities need to continue monitoring Commercial banks with regard to implementation of cyber security risk based supervision framework.http://sceco.ub.ro/index.php/SCECO/article/view/544cyber fraudcommercial banksmanagement strategiesresiliencerisk management |
| spellingShingle | Bronson Mutanda Maireva Chrispen Towards a Cyber Resilient Banking System: Effectiveness of Cyber Fraud Risk Management Strategies Adopted by Commercial Banks in Zimbabwe Studies and Scientific Researches: Economics Edition cyber fraud commercial banks management strategies resilience risk management |
| title | Towards a Cyber Resilient Banking System: Effectiveness of Cyber Fraud Risk Management Strategies Adopted by Commercial Banks in Zimbabwe |
| title_full | Towards a Cyber Resilient Banking System: Effectiveness of Cyber Fraud Risk Management Strategies Adopted by Commercial Banks in Zimbabwe |
| title_fullStr | Towards a Cyber Resilient Banking System: Effectiveness of Cyber Fraud Risk Management Strategies Adopted by Commercial Banks in Zimbabwe |
| title_full_unstemmed | Towards a Cyber Resilient Banking System: Effectiveness of Cyber Fraud Risk Management Strategies Adopted by Commercial Banks in Zimbabwe |
| title_short | Towards a Cyber Resilient Banking System: Effectiveness of Cyber Fraud Risk Management Strategies Adopted by Commercial Banks in Zimbabwe |
| title_sort | towards a cyber resilient banking system effectiveness of cyber fraud risk management strategies adopted by commercial banks in zimbabwe |
| topic | cyber fraud commercial banks management strategies resilience risk management |
| url | http://sceco.ub.ro/index.php/SCECO/article/view/544 |
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