Strengthening cyber resilience in financial institutions: A strategic approach to threat mitigation and risk management
1 Department of Electrical Engineering (Electronics Options), Yaba College of Technology, Lagos, Nigeria.
2 Department of Data Intelligence and Technology, Robert Morris University, Pittsburgh, Pennsylvania, United States.
3 Department of Cybersecurity; School of Technology, Eastern Illinois University, Charleston, Illinois, United States.
4 Department of Center for Financial Studies, Chartered Institute of Bankers of Nigeria, Lagos, Nigeria.
Research Article
World Journal of Advanced Research and Reviews, 2023, 20(03), 2166-2177
Publication history:
Received on 29 November; revised on 5 December 2023; accepted on 14 December 2023.
Abstract:
The complexity that accompanies modern cyber threats makes protecting financial organizations much more difficult. This is exactly why there is a need for these organizations to put more focus on cyber resilience. This work studies strategic approaches to technological mitigation, risk management, integration of cybersecurity technologies, compliance at regulatory levels, and preparedness at organizational levels. A multi-dimensional cybersecurity strategy is proposed, which includes risk-based authentication, zero trust architectures, and threat information sharing systems. Furthermore, the advancement of regulatory compliance is in the underscore such as Basel III Accord, NIST CSF, and GDPR. The work stresses the importance of staff training and the creation of a corporate culture which values cyber-focused security as a holistic defense against the human-factor threat. Using a mixed-methods approach that quantifies cyber incidents and qualifies them through expert industry knowledge, this study strengthens actionable recommendations for cyber resilience in financial institutions. It has been proved that a well- architected cybersecurity system serves as a digital asset protector and inspires confidence among consumers and regulators too. The research raises the issue that institutions need to have an adaptable security model to deal with these challenges and remain operationally stable in the long term
Keywords:
Cyber resilience; Financial institutions; Threat mitigation; Risk management; Artificial intelligence; Regulatory compliance
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Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0