Author(s): Perumal M and Fazila Faheem F

Abstract: In Introduction, the rapid digitization of banking services has significantly enhanced financial accessibility and convenience, but it has also introduced complex challenges concerning data protection and cybersecurity. The major Objective of the study is to analyze the effectiveness of cybersecurity protocols and data protection laws in safeguarding digital banking transactions and customer information in India. Aim of the study is to evaluate the regulatory framework governing cybersecurity in digital banking, identify gaps in compliance, and propose recommendations for strengthening data protection mechanisms. Methodology of the study are Empirical research method and convenient sampling method for collection of samples. The study is based on both primary and secondary data, and the primary data is collected from the public in and around Chennai through a well-structured questionnaire from a total of 208 sample respondents. The Findings of the study reveals that Multi factor authentication (MFA) significantly doesn’t enhances cyber security in Indian digital banking and also the increasing use of mobile banking applications has led to higher cyber security risks. In Conclusion, India has made strides in digital banking security, evolving cyber threats necessitate a more robust and comprehensive data protection framework. Strengthening compliance, enhancing customer awareness, and implementing stricter liability measures are crucial for ensuring a secure digital banking ecosystem.

DOI: 10.22271/2790-0673.2025.v5.i2b.220

Pages: 101-111 | Views: 578 | Downloads: 132

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