Cybersecurity Risks and Its Regulations. The Philosophy of Cybersecurity Audit

Authors

Liana GRIGORYAN Armenian State University of Economics, Yerevan, Armenia https://orcid.org/0000-0002-9991-8377
Lilit MIRZOYAN Armenian State University of Economics, Yerevan, Armenia https://orcid.org/0000-0003-1069-1506

DOI:

https://doi.org/10.24234/wisdom.v25i1.970

Keywords:

philosophy of cybersecurity, risk mitigation, cybersecurity audit, virtual bank, ransomware, security standards, information technology

Abstract

Since financial institutions are leading targets of cyber attacks, the article’s main goal is to show that without dedicated action, the global financial system will only become more vulnerable as innovation, competition, and the pandemic further fuel the digital revolution. Also, the cost of cybercrime at financial institutions outpaces the cost of cybercrime in other industries. For example, according to a 2019 private study, the per-company cost of cybercrime is over $18 million for financial services companies, around 40% higher than the average cost for other sectors. If the entire system fails to address cybersecurity concerns adequately, this could lead to systemic risk – the risk that a cybersecurity incident would destabilize the financial system. The article considers the level of protection of confidential information in financial enterprises and the means of combating data leaks. In addition, the question of the need for an information technology audit, especially a cybersecurity audit, is raised.

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Published

2023-03-25

How to Cite

GRIGORYAN, L., & MIRZOYAN, L. (2023). Cybersecurity Risks and Its Regulations. The Philosophy of Cybersecurity Audit. WISDOM, 25(1), 67–77. https://doi.org/10.24234/wisdom.v25i1.970

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Issue

Vol. 25 No. 1 (2023): 1-2023

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Articles

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