Cyber-attacks and Cyber Security Readiness: Iraqi Private Banks Case
Abstract
With the development of informational technology, criminals are using various cyberspaces to improve cyber-crime. Risk and cyber-attacks have developed into a major area of concern. As there has been a humongous increase in cyber-attacks, those attacks cause a series of damage to the critical banking process and caused huge financial losses to the system. To moderate cyber-crime and the cyber threat, financial industries seek to implement artificial intelligence and other cybersecurity to improve customer experiences and the banking process's efficiency. Thus, the current study came to assess and test the Iraqi banking experience with cyberattacks by unveiling the cybersecurity systems reaction towards the cyberattacks and whether the cyberattack promotes the intersystem of banks and motivates them to increase their precautions to save bank's databases and servers against violation. The study uses the questionnaire as a key tool to collect respondents' data on how to suffer from cyberattacks two years ago at least. The significant finding was that Iraqi private banks maintain a specific level of security regardless if there is a fierce attack or not. However, some respondents are still cautious while using online banking services due to the low security of public access to internet services in Iraq.
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