Smart banking is an important critical national infrastructure that provides bank users with an easy and convenient experience. In this paper, the cyber threat and attacks associated with smart banking are explored. The paper also analyzed the risks associated with the threats and attacks identified with a focus on risk management strategies that can be implemented to mitigate them. The paper also covered the topic of security culture in relation to smart banking and how it might affect the efficiency of technical security measures. Important technical security controls like the use of encryption, firewall, and anti-malware are also discussed. Proper technical security controls including multifactor authentication, Behavioral biometrics are recommended.

Keywords: Smart Banking, Man-in-the-middle attack, risk assessment, threat, vulnerability, firewall, tokenization, secure element.