Cyber Security Threats and Protection Technologies for Al Rajhi Bank

Abstract

Technologies are the basis of practically every social action in today's connected world. Although technology has greatly benefited the banking industry, experts have noted the challenges and risks of cybersecurity. A bank can detect, analyze and protect people from these risks thanks to real-time conditions. The majority of financial institutions, including Al Rajhi Bank, are implementing technology in their daily operations as a result of the COVID-19 outbreak [1], which exposes them to cybersecurity issues. The purpose of this project is to investigate and search for encryption algorithms used by Al-Rajhi Bank and what are the most important security attacks that Al-Rajhi Bank faces, as this was done by communicating with an employee in the information technology department at Al-Rajhi Bank, and interviewing. In addition, a literature review of related works, investigation of algorithms and comparison was carried out, in order to verify the efficiency and strength of encryption algorithms in Al-Rajhi Bank and the results of previous works. Al Rajhi Bank's algorithms are very effective and secure, but the various decision-makers believe that as technology develops, financial institutions should think about incorporating other encryption algorithms, like Rivest-Shamir-Adleman (RSA), Triple Data Encryption Standard (TDES), and Twofish algorithms, into their cyber security systems.