Operational Aspects of Cyber Crimes / Fraud Risk Management in Cyber Tech
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Principles and Practices of Banking — JAIIB.
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What is the key distinction between 'fraud' and 'cybercrime' as defined in banking technology context?
Fraud is always committed for financial gain, whereas cybercrime may be driven by political motivation, personal passion, or merely an exploited vulnerability — not necessarily for monetary benefit.
What is the primary purpose of a Security Operations Centre (SOC) in a bank?
To continuously monitor and assess the organisation's security posture and detect, analyse, and respond to cybersecurity issues
Which international body's definition of cybercrime encompasses attacks on both hardware and software of computer systems?
The Council of Europe's Convention on Cybercrime (Budapest Convention) provides a broad definition covering offences against the confidentiality, integrity, and availability of computer systems, including attacks on hardware and software.
Who heads the operations of the Security Operations Centre (SOC) in a bank?
Chief Information Security Officer (CISO)
What does the term 'phishing' refer to in the context of cyber fraud in banking?
Phishing refers to fraudulent attempts to obtain sensitive information such as usernames, passwords, and card details by masquerading as a trustworthy entity through electronic communication, typically email.
What does SIEM stand for and what is its primary function in banking cybersecurity?
Security Information and Event Management; it consolidates multiple data points, analyses events against rules and analytics engines, and provides alert workflow management
What is 'vishing' and how does it differ from phishing?
Vishing (voice phishing) is a social engineering fraud conducted over telephone calls where fraudsters impersonate bank officials to extract confidential information, unlike phishing which primarily operates via email.
What does WAF stand for and what is its security function?
Web Application Filtering/Firewall; it filters and monitors HTTP traffic between a web application and the Internet
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