Blockchain Technology And Its Impact On European Bank’s Cyber Security And Data Integrity

Abstract

Cybersecurity Ventures anticipates that the worldwide expenses of cybercrime would increase by 15 percent yearly over the course of the next five years, reaching USD 10.5 trillion annually by 2025, which is an increase from USD $3 trillion in 2015. It’s imperative to investigate the implementation of new technologies and their outcome in raising the threat to the banking industry. Using CFA and EFA statistical analysis and gathering the data from N=291 respondents from the managerial level, blockchain consultants, and cybersecurity experts. The findings confirm that the implementation of blockchain technologies has efficiently reduced customer cyber security risks and enhanced the European banking sector's data integrity.