The purpose of this paper is to review the effect of cybercrime in the banking sector.
This study uses a survey of literature and the balanced scorecard (BSC) to analyse the effect of cybercrime on the banking sector.
The literature reviewed confirms an increasing wave of cybercrime that has impacted negatively on the good will and economic growth of financial institutions, indirectly through loss of trust in the digital infrastructure or directly through fraud and extortion in both developing and developed countries.
This study is limited to the application of BSC to analyse the effect of cybercrime in the banking sector only.
To avert on going massive losses owing to cybercrime, the authors quest for development of an alert system that can create the awareness of both the banks and the customers by effectively implementing and integrating big data technology into their system to mitigate the negative impacts of cybercrime.
The novelty of this study lies in the fact that this study uses the BSC for the analysis of cybercrime in the banking sector, a problem that has not been sufficiently highlighted in the existing literature.
