Strengthening finance with cybersecurity: Ensuring safer digital transactions

Adejumo, Adetunji Paul and Ogburie, Chinonso Peter (2025) Strengthening finance with cybersecurity: Ensuring safer digital transactions. World Journal of Advanced Research and Reviews, 25 (3). pp. 1527-1541. ISSN 2581-9615

The rapid digitalization of financial services has revolutionized global transactions, offering convenience, speed, and efficiency. However, this transformation has also introduced significant cybersecurity risks, including fraud, data breaches, and cyberattacks. As financial institutions and consumers increasingly rely on digital platforms, ensuring the security of financial transactions has become paramount. This paper explores the critical role of cybersecurity in strengthening the financial sector, emphasizing strategies to mitigate risks and enhance trust in digital transactions. It examines key cybersecurity threats, such as phishing, ransomware, and identity theft, which pose serious challenges to financial institutions. Additionally, the paper discusses evolving cybersecurity solutions, including artificial intelligence (AI)-driven fraud detection, blockchain-based secure transactions, and multi-factor authentication (MFA), which collectively bolster financial security. Regulatory compliance also plays a vital role in maintaining secure financial ecosystems. This study highlights global regulatory frameworks such as the General Data Protection Regulation (GDPR), Payment Card Industry Data Security Standard (PCI DSS), and emerging cybersecurity guidelines that financial institutions must adhere to. Furthermore, the research underscores the significance of collaboration between financial organizations, cybersecurity firms, and government agencies to develop proactive defense mechanisms against cyber threats. The paper concludes by emphasizing the need for continuous innovation, employee training, and customer awareness to create a resilient financial environment. Strengthening cybersecurity in finance not only protects individuals and businesses from financial loss but also ensures the long-term stability of the global economy. By integrating cutting-edge security technologies and adopting a proactive cybersecurity culture, financial institutions can effectively mitigate risks and provide safer digital transactions in an increasingly interconnected world.