The Effects of Cybercrime on the Banking Sector in ASEAN

The Effects of Cybercrime on the Banking Sector in ASEAN

Cristi Spulbar (University of Craiova, Romania) and Ramona Birau (Constantin Brâncuși University of Targu Jiu, Romania)
Copyright: © 2020 |Pages: 19
DOI: 10.4018/978-1-5225-9183-2.ch007

Abstract

The main objective of this chapter is to investigate the effects of cybercrime on the banking sector in ASEAN. Global challenges on the evolution of cybercrime are in continuous dynamics in the case of emerging or developing countries, so that sustainable development plays an essential role. Moreover, the propagation effects can generate significant damages in the banking sector. Efficient bank management is essential in the context of providing advanced techniques for cyber security. Traditional cyber security measures are insufficient to ensure data protection and online information privacy. Consequently, investigations of cyber-criminal activity must become a priority especially in the context of globalization.
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Literature Review

In the literature there are various research studies on investigating the effects of cybercrime on the banking sector. Hamin, Othman and Selamat (2016) have provided an elaborate perspective on financial investigation of cyber terrorist financing and have highlighted the difficulties faced by law enforcement considering the technical, operational and legal challenges with regard to these very sensitive issues. Shekokar, Shah, Mahajan and Rachh (2015) have conducted a research study on detection and prevention of phishing attacks and provided an alternative prevention solution focused on examining the hyperlinks in the source code of the email webpage and the overall appearance of the website.

Bregant and Bregant (2014) have conducted a detailed research study on computer and cyber crimes and have identified several main categories of these criminal activities such as: unauthorized access or hacking, fraud and identity theft, industrial espionage, and general abuse of resources. Moreover, Arumuga Perumal (2008) has investigated the impact of cyber crime on virtual banking and have concluded that cybercriminals have a prolific activity, especially in terms of phishing techniques used to steal personal finances and to manage identity theft with global consequences.

Mongid (2015) has analyzed important issues regarding cost efficiency of the ASEAN banking market and has concluded that the cost efficiency score for Brunei is 58%, for Indonesia is 70%, for Cambodia is 60%, for Laos is 62%, for Myanmar is 48%, for Malaysia is 63%, for Singapore is 80%, for Thailand is 79%, for Phillippines is 67%, and for Vietnam is 69%. Furthermore, Syadullah (2018) has provided an interesting approach on ASEAN Banking Integration Framework (ABIF) and has also discussed concluding issues regarding the level of bank efficiency in ASEAN countries.

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