The current rise in technological improvement has made the financial institutions to be

dependent on information systems; for business transactions that include; account management,

cash transfer and exchange, cash withdrawals, data/ information storage and transfer. Also,

information systems are used by financial to control information exchange and information

security.

Information is the key commodity targeted by cyber attackers, different cybercriminals target a

different kind of information, cyber attackers use different strategies such as human intelligence

manipulation r other sophisticated techniques to acquire information they are not allowed to

access, whereby information can be used to commit crime in the banking institution, such as

unauthorized money transfer and account information manipulation. Cyber fraudsters regularly

update their information and hacking techniques, making it difficult for financial institutions to

prevent cyber criminals from accessing and manipulating information.

Security sectors in financial institutions have to be sensitive in cybercrime techniques and

enhance their monitoring for them to exploit new threats to their banking institutions and

business transaction in the cyberspace. As per the current trend cybercriminals have started

shifted from targeting end user to financial institutions for example point of sale systems, stock

markets and payment systems that brings a heavy impact on the financial institution, the end

user is targeted by the cybercriminals through their mobile banking’s this is as per the increasing

use of smartphone for banking services as per its efficiency and mobility making it widely used

by the highest part of the population who have aces to smartphones. Hackers use transactional

malware on a smartphone to gain information that they can use to steal form its users.

The rise in the usage of internet and mobile banking increases the chances of cybercrimes as the

hackers regularly interacts with mobiles and internet banking thus gaining adequate information
and skill that they, might need to acquire unauthorized information from banking institutions and

the end users of the banking institutions.

On an instance of cybercrime, cybersecurity agents find it difficult to detect the malice acts, as

the hackers have knowledge on how they can be detected and they work so smart to avoid

detection and ascertain success in their deeds. This can be catered through the implication of

tough endpoint protection and setting up cloud-based intelligent services to scan their systems

and monitor for malicious traffics of data and information.

Technology has a great impact on the operation and functionality of financial institutions; it is

revolutionizing the financial sector rapidly and exposing it to a wide and efficient market as well

as multiple vulnerabilities and threats that bring about a negative impact to the financial

institution. For example technology has lead to the emergence of digital currencies, mobile

banking services by banks, this has made banking and cash transmission easy and efficient,

online investments, crowd funding, and amazing online payment systems that have made

banking services easily available to a large part of the population that previously never had an

efficient banking modes before the emergence of technology. Technology has greatly shaped the

ability of financial institutions and customer expectations by enabling banking banks to be able

to use consumer price, target and market their services to their users efficiently, and it has also

increased the availability and the use of data over the internet. It is pushing most of the

businesses to adopt to the new technologies to satisfy the client demands on online aces to

commodities and interaction with financial institutions.

The shift to adoption of new technologies by financial institutions brought about a more frequent

and faster interactions but also there is a wide range of negative effects associated with the

technology, where individuals using technology about their banking services need to be vigilant.
Technology has greatly improved our living standard, and it greatly facilitates mobility as the

digital gadgets are highly mobile and can be used anywhere anytime, to aces and use varied

services for example financial and communication services, these digital gadgets have helped

reduce mental and physical human work loads by great lengths, thus bringing about efficiency.

The key positive impacts of technology on the financial sector is the efficiency in information

exchange and communication in general, also another factor it its mobility (its ability to be

carried and used at any time of need/ necessity. Technology, through the use of digital gadgets,

has facilitated flexible access to financial information with ease and efficiency. Also, with the

availability of mobile banking can gain aces to their bank services without having to travel to the

bank in person, making it easy, efficient and reliable for individuals.

With the ease in aces to financial information and services, there are individuals with malicious

intentions; who take advantage of the ease to aces information and make it benefit their interests.

This brings about the negative effects of technology on the banking institution. And thus,

cybercrimes arose as individuals try to aces information they are not authorized to aces and use it

to exploit financial institutions. Technology brings about more positive impacts when used with

caution than its negative impacts.

Cybercrime is becoming a major course of pursuit by criminals causing a great impact on the

financial industry, cybercrimes are hard to trace or find the one committing the crime, as it is not

affected by geographical location, cybercrimes greatly cripple the financial economies as it is

emerging to be the leading form of crime and theft in the financial sector. Cybercrime is

facilitated by multiple features that come with technology, these factor include; the ease of

accessing tools needed by the criminals to gain aces and exploit the financial sector, criminals

have a faster evolution and adoption to the upcoming features of technology making it difficult
for the security features put in place to stop the criminals to catch up and stop them, this makes

the control over cybercrime less efficient. Cyber criminals have adopted to use of sophisticated

and specifically engineered techniques for crime, whereby a security feature has not been put in

place to cub the technique, this makes it difficult to stop a cybercrime once it has been put in

place by a criminal.

Cybercrime is an improvement on the traditional form of crime in an efficient and a sophisticated

environment that offer a wide space for crime, and fewer risks of detection, it impacts a direct

impact on economic growth, innovations, investments and jobs opportunities. Cybercrimes are

mostly committed on financial institutions and business firms that have become more

sophisticated technologically and almost all it operations are based on sophisticated technology

there are a multiple numbers of issues faced by financial institutions as they try to implement

security features and protocols to prevent cybercriminals from gaining access to their financial

records and information, these are mainly, the risks associated with a third party agreement,

when a financial institutions hires a vendor to protect their system from attacks by malicious

individuals, this means that if the vendors work faces a threat that means the entire institution

will face a threat together with the vendor, on the other hand developing a personal security

feature to prevent hackers is much costly for most institutions. Thus, when an individual is

securing their institution, they need to fully understand; who is protecting their data, which could

cause something to go wrong, and one should consider getting full compliance. Also, before an

individual settle for a vendor to protect their data one should understand where and how their

data is stored, who has access to where my data is kept and most importantly one needs to

understand how their data sis protected.

Denial of service attacks through the internet of things attack, this is where a hacker aces

customers device and prevent them from accessing the services they need from the from their

digital devices, for example, your device can be hacked, and you are prevented from gaining aces

to your bank account, also this form of attack can be used to acquire your detailed information,

this sends institutions customers into panic. This attack is mainly experienced when the

manufacturers of the devices used do not meet the minimum cybersecurity requirements. In some

cases, threats are found within the institution being attacked, for example, an employee with

malicious may leak information to criminals who attack your system or employees themselves

perform the action their own. Some vulnerabilities that may lead to system penetration and data

theft may be caused by human error, for example, an employee accidentally or unintentionally

downloaded a malicious application unknowingly and released the malware throughout an

institutions system, this makes the whole institution data and information vulnerable to attack.

This kind of threats poses a greater risk as they come from within the institution and makes it

hard to be detected and eliminated before the damage is experienced.to prevent this an

institutions security individual should put in place strict security policies.

Banking institutions experienced a lot of revolutions since the emergence of digital banking,

which brought about efficiency; with technology banking process is very fast and more reliable

as compared to traditional banking methods. Technology also made access to individual financial

information and documentation have become easier and much more efficient, bringing about

improved standards in the banking institutions. Technology brought about computerized banking

where all the barnacles of a similar bank have access to the same kind of information at the same

time, this enables banks to aces customers financial details from any of their branch.
With the emergence in technology, there was increased competition among banks, this lead to

the provision of better banking services to people by banks. With the introduction of mobile

banking services, one can access their funds or bank accounts at any time from any place.

Technology brought about transparency in the banking sector.

With the emergence of technology, there was a reduced employment rate from all banking

institutions, a large number of individuals were replaced by technology in their place of work.

With technology came with the threats of cyber attacks.