University of Virginia Darden School of Business, Charlottesville, VA, USA.
Research Article
World Journal of Advanced Research and Reviews, 2024, 24(02), 293-302
Received on 15 September 2024; revised on 27 October 2024; accepted on 29 October 2024.
As cyberattacks increase, banks and financial firms face new challenges. This research aims to improve cybersecurity by integrating adaptive resilience and strategic third-party risk management into current systems. This study uses thorough qualitative research methods to assess existing frameworks, identifying shortcomings that put companies at more risk. Findings reveal that firms using adaptive resilience - where governance policies adjust with real-time threat information and post-incident evaluation after incidents are much better at preventing and addressing cyber attacks. This paper stresses the importance of including third-party risk management in a comprehensive governance framework, as weaknesses in these relationships often lead to breaches. This study contributes critical insights and a strategic framework for financial institutions to bolster their defenses against sophisticated cyber threats, ensuring sustained resilience and security.
Cybersecurity Governance; Adaptive Resilience; Third-Party Risk Management; Financial Services; Cyber Resilience Strategies
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Oluwatoyin Funmilayo Ayodele and Adesola Oluwatosin Adelaja. Advancing Cybersecurity Governance: Adaptive Resilience and Strategic Third-Party Risk Management in Financial Services. World Journal of Advanced Research and Reviews, 2024, 24(2), 293-302. Article DOI: https://doi.org/10.30574/wjarr.2024.24.2.3312