“There is an increased reliance on technology by Banks to manage risks”. Discuss, how the use or failure of these technologies expose banks to risk. How do banks manage these risks?

The increased reliance on technology in the banking sector has revolutionized operations and services, enabling banks to enhance efficiency, reduce costs, and improve customer service. However, as banks adopt more sophisticated technology solutions, such as Electronic Banking (e-banking), online transactions, and IT infrastructure, they also become more vulnerable to a wide range of risks.

One of the primary risks associated with technology in banks is cyber risk. As banks digitize their operations, they become prime targets for cyberattacks, such as hacking, phishing, ransomware, and data breaches. Cybercriminals often attempt to exploit vulnerabilities in the bank's IT systems to access sensitive financial information or to disrupt banking operations. A successful cyberattack can lead to significant _______ ________ _______ _________ _______ __________ _________ ____ ____ ______ _____ _____.
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