A REVIEW ON THE IMPACT OF CYBERSECURITY CRIMES IN FINANCIAL INSTITUTIONS DURING THE TIME OF COVID-19

Abthal Abdajabar () and Nur Arzilawati Md Yunus
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Abthal Abdajabar: Faculty of Business and Technology, University of Cyberjaya, 63000 Cyberjaya, Selangor, Malaysia
Nur Arzilawati Md Yunus: Faculty of Business and Technology, University of Cyberjaya, 63000 Cyberjaya, Selangor, Malaysia.

Acta Informatica Malaysia (AIM), 2023, vol. 7, issue 1, 19-23

Abstract: The COVID-19 pandemic significantly impacts every aspect of our life, including how we connect with others in our professional and personal lives and how we structure our work in general. Quarantines and the deployment of social isolation measures caused an astronomical rise in cybersecurity offences in this region. As a result, using the risky Internet network to run every aspect of daily life necessitates complete and direct reliance on it, which increases the risk of cyberattacks, which increased in the financial sector during COVID-19. This paper analysed the cyber security crimes during the pandemic of COVID-19, highliting the different types of cybercrime that occurred worldwide. The mechanism of cybersecurity crimes campaigns was demonstrated by analysing and evaluating cyberattacks in the framework of worldwide events. The systematic review methodology was used in this paper to summarise, compare, and critically analyse the findings of about 60 researchers, articles, and numerous reports from government organisations, security companies, as well as the academic journals that looked into cybercrimes during COVID-19 or suggested solutions to combat them. The influence of the COVID pandemic on cybersecurity is also discussed in this study, with an emphasis on the financial sector and how cybercrimes increased compared to the period prior to the pandemic to a stage where four to five separate cyberattacks on particular days were reported.

Keywords: COVID-19; Cybersecurity; Financial institutions; Cyberattacks (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:zib:zbnaim:v:7:y:2023:i:1:p:19-23

DOI: 10.26480/aim.01.2023.19.23

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