Cybersecurity for Critica' Infrastructures

Abstract

With the ever-increasing internet connectivity, the Financial Services Sector (FSS) is rapidly growing its internet use for service-delivery. Tough competition and volatility in the global economy is putting immense pressure on the organizations across the globe to be more efficient, competitive and agile. This results in organizations looking for ways of reducing their costs by adopting new technologies such as cloud computing, mobile, internet of things, big data etc. Consequently, the exposure to cyber risks is growing and changing rapidly, necessitating enhanced controls over IT infrastructures and partner ecosystems. This increasing need for controls is evidenced by accumulating fraud incidents, identity thefts, denial of service attacks and illicit accesses or breaches of data over the last few years. These types of events reduce the ability of organizations to innovate and gain business advantage. So, it becomes essential for organizations to identify their risk exposure to the emerging cyber threat environment and revisit their traditional security practices by implementing comprehensive cybersecurity measures. The goal of this research is to develop a “Financial Services Sector Cybersecurity Model” (FSSCM) that can be referred by organizations in Financial Services Sector (FSS) to address the cybersecurity challenges.