A Study on Cyber Security in Financial Services Sector

Abstract

A cyber security meant to assist a corporation mitigate risk exposure by offsetting costs involved recovery after a cyber-related security breach or similar event. Security vulnerabilities available in cyber security systems cause virtual and physical damages to financial systems which successively cause national- and individual-level security issues. Today’s world is being shaped by digital technology, and cyber threats to information constitute a big risk factor for businesses. This study explores the cyber security risks the economic system may encounter. The status of monetary system, a system which incorporates variety of online services, in Tamilnadu with reference to cyber security risks and therefore the current risks are assessed and presented alongside possible solutions. This study analyzes cyber security and cyber risk insurance. Nevertheless, cyber risk insurance, an emerging tool for cyber risk management, was analyzed intimately. With this background, the researcher has taken this topic to analyse the Cyber Security in Financial Services sector in Chennai District.