Cyber Risk in Banking: Challenges, Management Strategies and The Path Forward
Cyber Risk in Banking: Challenges, Management Strategies and The Path Forward

Author(s): Elitsa Slavcheva
Subject(s): Economy, Business Economy / Management, Financial Markets, ICT Information and Communications Technologies
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: cyber risk; banking; cybersecurity; risk management; financial regulation
Summary/Abstract: The digital transformation of banking has exposed financial institutions to significant cyber threats. This paper examines cyber risk in modern banking, analyzing threat types, consequences and regulatory frameworks. Drawing on incidents including the 2016 Bangladesh Bank heist, the 2019 Capital One breach and the 2020 SolarWinds attack, the paper illustrates how cyberattacks result in financial losses, reputational damage and systemic disruption. The analysis explores risk management strategies and emphasizes the critical role of human factors. Finally, the paper addresses emerging challenges including quantum computing and the cybersecurity workforce shortage, concluding that effective cyber risk management requires continuous adaptation and integration of technology, people and processes.

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