Analysis of cyber-crime effects on the banking sector using the balanced score card: a survey of literature

Abstract

Purpose This study aims to explore the effect of cybercrime on the banking sector and also analyse using balance score approach, the focus of existing literature relating to cybercrime in the banking sector. Design/methodology/approach In this study, a balance scorecard (BSC) was applied to analyse the effect of cybercrime in the banking sector. This was focussed on two out of the four perspectives of BSC. To achieve this, secondary data was used, that is, data from existing research. Findings The outcome of this study indicated that the focus of most of the existing research reviewed regarding cybercrime is on financial perspective of the banking sector and customer perception towards the banking services, that is, the implication of cybercrime on customer perception and financial services. Originality/value The novelties of this work lie in the fact that the use of the BSC for the analysis of the cybercrime has not been sufficiently highlighted by the existing literature. Furthermore, the existing research have focussed more on the effect of cybercrime from the financial perspective of the banking sector and customer perception towards the banking services, that is, the implication of cybercrime on customer perception and financial services. In addition, to the effect of cybercrime from the financial and customer perspectives, this work gives an insight to other perspectives such as the internal processes and learning and growth aspects.

Cybercrime: A systematic review of the literature

“…Among the previous studies was that of Akinbowale, Klingelhofer, and Zerihun [5]. After reviewing the literat u re, the authors confirm a growing wave of cybercrimes th at h as harmed the goodwill and economic growth of financial institutions, besides the loss of confidence in the digital infrastructure.…”

“…[29] [1] According to Basuchoudhary & Searle [58] adware is annoying because it usually appears on all devices, especially smartphones and tablets, particularly when free software (freeware) or evaluation software (shareware) is installed. Authors that address the crime of Theft: [3], [17], [19], [5], [28], [29], [42], [62], [63], [65], [66], [67], [68], [70], [71], [73]; Terrorism: [3], [22], [50], [61]; Espionage: [3], [22], [24], [29], [42], [56], [58];…”

“…Cybercrime: [18], [30], [31], [33], [34], [35], [38], [44], [72]; Child Pornography: [32], [36], [41], [43], [45], [57], [60]; Harassment: [46], [64]; Sexual violence: [54], [59]; Extortion: [5], [55], [56].…”

A Privacy-Preserving Transparent Central Bank Digital Currency System Based on Consortium Blockchain and Unspent Transaction Outputs

“…However, unlike a blockchain, the databases are mutable because they are centralized. Therefore, only the random secrets are stored on-chain after encryption, considering the worst-case scenario (i.e., the consequences of the servers crashing [42]).…”

Analytical hierarchy processes and Pareto analysis for mitigating cybercrime in the financial sector

“…The framework encompasses four steps of a cyber risk insurance decision plan, namely, information security risk audit, assessment of insurance coverage, evaluation of available policies and selection of suitable policy. It could be accompanied by the development of a real-time alert system capable of creating awareness for both financial institutions and their customers (Akinbowale et al , 2020a, p. 945). Akinbowale et al (2020b, p. 1253) also developed two simplified conceptual models for cyber fraud mitigation.…”