Dr. Reshma D. Doiphode

ABSTRACT

Introduction Asian Journal of Management Sciences 02 (03) 2014; 83-86. Several bank’s IT infrastructure and applications are being exposed to system outages and cyber-attacks. One of Britain’s biggest online banks was forced to shut down its website as customers were able to access each other’s accounts. In Norway, a hacker led to a major software problem on the website of leading national bank. These cyber-crimes demand global solutions. Though some progress has been made in this direction, a lot remains to be done. For example, Bank for International Settlements has constituted a committee involving representatives of national regulations and supervisors, which closely examine the security and reliability of electronic money.