scholarly journals Role of Boards in Cybersecurity Risk Profiling: The Case of Bangladeshi Commercial Banks

2021 ◽  
pp. 49-58
Author(s):  
Md. Bazlur Rahman ◽  
Tania Karim ◽  
Imtiaz Uddin Chowdhury
Keyword(s):  
Cyber Security ◽  
Commercial Banks ◽  
Banking Sector ◽  
Corporate Boards ◽  
Security Risks ◽  
Developed Economies ◽  
Risk Profiling ◽  
Depth Interview ◽  
Cyber Risk ◽  
Governance Risk

Cybercrime becomes costlier than physical crime in developed economies. As a result, it has become the top priority in governance issues in financial institutions. As a developing nation in Bangladesh, the banking sector faces multi-dimensional challenges to adopt IT applications in banking with cybercrime. The paper examines what the banking industry faces cyber security risks and how the board members contribute to identify and mitigate the risk. Through an in-depth interview among the directors of commercial banks in Bangladesh, we identified the possible cyber risk and prepared the risk profile describing the sources, implications, severity of impact, likelihood of occurrence and ranked them. The result shows that the IT governance risk, IT investment risk, and information risk are most critical among the significant cyber security risks. The results of the study have important implications for both corporate boards and policymakers.

scholarly journals Role of Boards in Cybersecurity Risk Profiling: The Case of Bangladeshi Commercial Banks

2021 ◽  
pp. 49-58
Author(s):  
Md. Bazlur Rahman ◽  
Tania Karim ◽  
Imtiaz Uddin Chowdhury
Keyword(s):  
Cyber Security ◽  
Commercial Banks ◽  
Banking Sector ◽  
Corporate Boards ◽  
Security Risks ◽  
Developed Economies ◽  
Risk Profiling ◽  
Depth Interview ◽  
Cyber Risk ◽  
Governance Risk

Cybercrime becomes costlier than physical crime in developed economies. As a result, it has become the top priority in governance issues in financial institutions. As a developing nation in Bangladesh, the banking sector faces multi-dimensional challenges to adopt IT applications in banking with cybercrime. The paper examines what the banking industry faces cyber security risks and how the board members contribute to identify and mitigate the risk. Through an in-depth interview among the directors of commercial banks in Bangladesh, we identified the possible cyber risk and prepared the risk profile describing the sources, implications, severity of impact, likelihood of occurrence and ranked them. The result shows that the IT governance risk, IT investment risk, and information risk are most critical among the significant cyber security risks. The results of the study have important implications for both corporate boards and policymakers.

scholarly journals Customer Perception on Bank Service Quality: A Comparative Study between Conventional Commercial Banks and Islamic Commercial Banks in Bangladesh

2016 ◽  
Vol 5 (2) ◽  
pp. 109-124
Author(s):  
Sonia Rezina ◽  
Nur Ahmad ◽  
Farhana Mitu ◽  
Mohitul Ameen Ahmed Mustafi
Keyword(s):  
Service Quality ◽  
Cyber Security ◽  
Commercial Banks ◽  
Banking Sector ◽  
Banking Industry ◽  
Islamic Banks ◽  
Deep Insight ◽  
Policy Makers ◽  
Customer Perception ◽  
Conventional Banks

Customer perception refers to the process by which a customer selects, organizes, and interprets information inputs to create a meaningful picture of the service quality within an organization. In the fast growing banking industry like Bangladesh, every bank is looking forward towards faster growth through providing better service quality than others. However, there are certain challenges started rising in front of the booming banking sector which are needed to be addressed immediately; such as, managing compliance, mitigating fraud/ cyber security, managing hiring decisions etc. It is obvious that, those who will efficiently handle these challenges will certainly lead the market and gain higher customer contentment. The main purpose of this study is to compare the customer perception towards the service Quality offered by Conventional Commercial Banks and Islamic Shariah-based Commercial Banks in Bangladesh through using SERVQUAL instrument. 204 respondents have been randomly selected for the study among them 162 is from Conventional banks and 42 are from Islamic banks. The findings of the research should help the policy makers and regulators in banking industry to have a deep insight towards the different perception of customers and assist in taking effective measures to achieve organizational goal through improving their service Quality.

Cyber Risk Management in Banks

2019 ◽  
pp. 38-50
Author(s):  
İsmail Yıldırım
Keyword(s):  
Risk Management ◽  
Cyber Security ◽  
Banking System ◽  
Significant Risk ◽  
Significant Risk Factor ◽  
Security Risks ◽  
Individual Level ◽  
Security Issues ◽  
The Status ◽  
Cyber Risk

Security vulnerabilities available in cyber security systems lead to virtual and physical damages to financial systems which in turn cause national- and individual-level security issues. Today's world is being shaped by digital technology, and cyber threats to information constitute a significant risk factor for businesses. This study explores the cyber security risks the banking system may encounter. The status of banking system, a system which includes a number of online services, in Turkey with respect to cyber security risks and the current risks are assessed and presented along with possible solutions. This study analyzes e-payment systems (online banking and e-trade/the use of debit/credit cards) and the supply chain, the backbone of the e-finance system, with respect to national cyber security risks. Nevertheless, cyber risk insurance, an emerging tool for cyber risk management, was analyzed in detail.

scholarly journals Behavioural Intention of Commercial Banks’ Customers towards Financial Technology Services

2021 ◽  
Vol 5 (4) ◽  
pp. 10-27
Author(s):  
Kwee Kim Peong ◽  
Kwee Peng Peong ◽  
Kui Yean Tan
Keyword(s):  
Social Influence ◽  
Cyber Security ◽  
Commercial Banks ◽  
Influential Factors ◽  
Behavioural Intention ◽  
Intention To Use ◽  
Security Risks ◽  
Technology Services ◽  
Privacy Risks ◽  
Financial Technology

Objective – The objective of this study is to determine the process that takes place in the employment of financial technology in the financial services industry. It is of utmost important that FinTech firms and commercial banks understand the predictors that can influence their consumers’ decision to adopt FinTech services and to increase loyalty toward their services. Methodology/Technique – An online survey was used in the present research to explore factors that can influence commercial bank users’ intention to use FinTech services in Malaysia. The data for the current study was gathered from bank users who aged at least 18 years old and resided in Malacca, Malaysia who accessed FinTech services via smartphone. This research also employed the convenient sampling in distributing online questionnaires to 400 respondents who had successfully completed and returned the questionnaires. Findings – The empirical findings illustrate that trust, social influence, cyber-security risks and privacy risks are the most influential determinants that affect bank customers’ behavioural intention to use FinTech services in Malaysia. Novelty – This research contributes to the theory of TAM, UTAUT and TPB by proposing a direct effect of trust, social influence, cyber-security risks and privacy risks on the adoption of FinTech services. The findings of the current study will be beneficial to policymakers, specifically financial institutions and FinTech firms as they will be informed on workable means to increase the quality of FinTech applications/websites. This can yield greater intentions to adopt FinTech. Stakeholders should play their important role in noticing and considering the influential factors that can impact the consumers’ behavioural intention for using technologies in their policies to fulfil the users’ needs. Type of Paper: Empirical JEL Classification: G02, G21 Keywords: Trust; Social Influence; Cyber-Security Risks; Privacy Risks; Behavioural Intention to Use Reference to this paper should be made as follows: Peong, K.K; Peong, K.P; Tan K.Y. (2021). Behavioural Intention of Commercial Banks’ Customers towards Financial Technology Services, Journal of Finance and Banking Review, 5(4): 10 – 27. https://doi.org/10.35609/jfbr.2021.5.4(2)

scholarly journals Managing Cyber Security Risks of the Cyber-Enabled Ship

2020 ◽  
Vol 8 (10) ◽  
pp. 768
Author(s):  
Georgios Kavallieratos ◽  
Sokratis Katsikas
Keyword(s):  
Cyber Security ◽  
Cyber Physical Systems ◽  
Transformation Process ◽  
Cyber Attacks ◽  
Security Requirements ◽  
Shipping Industry ◽  
Security Risks ◽  
Industrial Control Systems ◽  
Physical Systems ◽  
Cyber Risk

One aspect of the digital transformation process in the shipping industry, a process often referred to as Shipping 4.0, is the increased digitization of on board systems that goes along with increased automation in and autonomy of the vessel. This is happening by integrating Information Technology with Operation Technology systems that results in Cyber Physical Systems on which the safe operations and sailing of contemporary and future vessels depend. Unavoidably, such highly interconnected and interdependent systems increase the exposure of the vessel’s digital infrastructure to cyber attacks and cyber security risks. In this paper, we leverage the STRIDE and DREAD methodologies to qualitatively and quantitatively assess the cyber risk of Cyber Physical Systems on board digitalized contemporary and future ships. Further, we propose appropriate cyber security baseline controls to mitigate such risks, by applying a systematic approach using a set of criteria that take into account the security requirements; the cyber risks; the possible attacks; and the possibly already existing controls, to select from the list of controls provided in the Industrial Control Systems (ICS) overlay of the NIST Guide to ICS Security. The results are expected to support the decision-making and the design of a security architecture for the cyber-enabled ship.

Cyber crimes in the banking sector: Case study of Vietnam

2020 ◽  
Vol 6 (05) ◽  
Author(s):  
LE Thanh Tam ◽  
Nguyen Minh Chau ◽  
Pham Ngoc Mai ◽  
Ngo Ha Phuong ◽  
Vu Khanh Huyen Tran
Keyword(s):  
Financial Literacy ◽  
Commercial Banks ◽  
Banking Sector ◽  
Secondary Data ◽  
Legal Framework ◽  
Economic Sectors ◽  
Technological Revolution ◽  
Survey Results ◽  
Cyber Crimes

The technological revolution 4.0 brings great opportunities, but also cybercrimes to economic sectors, especially to banks. Using secondary data and survey results of 305 bank clients, the main findings of this paper are: (i) there are several types of cybercrimes in the banking sector; (ii) Vietnam is one of the top countries worldwide having hackers and being attacked by hackers, especially the banking sector. Three most common attacks are skimming, hacking and phishing. Number of cybercrime attacks in Vietnam are increasing rapidly over years; (iii) Vietnamese customers are very vulnerable to cybercrime in banking, as more than 58% seem to hear about cybercrimes, and how banks provide services to let them know about their transactions. However, more than 50% do not have any deep knowledge or any measures for preventing cybercrime; (iii) Customers believe in banks, but do not think that banks can deal with cybercrime issues well. They still feel traditional transactions are more secure than e-transactions; (iv) the reasons for high cybercrimes come from commercial banks (low management and human capacity), supporting environment (inadequate), legal framework (not yet strong and strict enough on cybercrimes), and clients (low level of financial literacy). Therefore, several solutions should be carried out, from all stakeholders, for improving the cybersecurity in Vietnamese banks. 

Measurement of Vulnerability of Financial Portfolio of Sharia Commercial Banks by Cardona Method

2017 ◽  
Vol 9 (2) ◽  
pp. 109
Author(s):  
Paulina Harun ◽  
Atman Poerwokoesoemo
Keyword(s):  
Commercial Banks ◽  
Quantitative Research ◽  
Banking Sector ◽  
Banking Industry ◽  
Policy Makers ◽  
Factors Affecting ◽  
Section Data ◽  
Initial Stage ◽  
The Face ◽  
Asset Portfolio

his study aims to: (1) to know and analyze the extent of volatility (vulnerability) of sharia banking industry in Indonesia in the face of competition (2) to know and analyze factors affecting vulnerability of sharia commercial banks; (3) to know and analyze the extent of sustainable development of sharia banking industry to Indonesia's economic development.The research conducted to measure the vulnerability (volatility) of proto folio of syariah bank using observation period 2015, and the data used is cross section data. The research design used in this research is quantitative research, using asset dimension (asset portfolio, liability portfolio, equity portfolio) and stressor (pressure, including: credit risk, market risk, and liquidity risk).The activity plan of this research is: in the initial stage of conducting theoretical study related to the vulnerability related to banking especially BUS; The next step is to determine the asset and stressor dimensions associated with the BUS; Further determine the indicators related to assets and stressors; The next step performs calculations to determine the index of each BUS as well as the dimensions that affect the vulnerabilities faced by each BUS.Target expected outcomes can be generated from this research is: for the object of research (BUS) provide a solution for BUS to deal with and overcome the vulnerabilities encountered and policies that must be done. For policy makers, the results of this study are expected to provide input in decision-making and other policies.Measurement of vulnerability to be performed related to banking operations in the face of competition and the continuity of BUS in Indonesia. The outcomes of this study are expected to be included in Bank Indonesia journals, the selection of this journal is based on studies conducted in the banking sector, especially BUS in Indonesia.

scholarly journals Design of a dynamic and self-adapting system, supported with artificial intelligence, machine learning and real-time intelligence for predictive cyber risk analytics in extreme environments – cyber risk in the colonisation of Mars

2021 ◽  
Author(s):  
Petar Radanliev ◽  
David De Roure ◽  
Kevin Page ◽  
Max Van Kleek ◽  
Omar Santos ◽  
...  
Keyword(s):  
Artificial Intelligence ◽  
Machine Learning ◽  
Real Time ◽  
Cyber Security ◽  
Extreme Environments ◽  
Learning Technologies ◽  
Cyber Attacks ◽  
Edge Computing ◽  
Mathematical Formulas ◽  
Cyber Risk

AbstractMultiple governmental agencies and private organisations have made commitments for the colonisation of Mars. Such colonisation requires complex systems and infrastructure that could be very costly to repair or replace in cases of cyber-attacks. This paper surveys deep learning algorithms, IoT cyber security and risk models, and established mathematical formulas to identify the best approach for developing a dynamic and self-adapting system for predictive cyber risk analytics supported with Artificial Intelligence and Machine Learning and real-time intelligence in edge computing. The paper presents a new mathematical approach for integrating concepts for cognition engine design, edge computing and Artificial Intelligence and Machine Learning to automate anomaly detection. This engine instigates a step change by applying Artificial Intelligence and Machine Learning embedded at the edge of IoT networks, to deliver safe and functional real-time intelligence for predictive cyber risk analytics. This will enhance capacities for risk analytics and assists in the creation of a comprehensive and systematic understanding of the opportunities and threats that arise when edge computing nodes are deployed, and when Artificial Intelligence and Machine Learning technologies are migrated to the periphery of the internet and into local IoT networks.

scholarly journals The Effect of Multiple Large Shareholders on Banks’ Profitability and Risk

2021 ◽  
Vol 13 (4) ◽  
pp. 1888
Author(s):  
Maria Gaia Soana ◽  
Laura Barbieri ◽  
Andrea Lippi ◽  
Simone Rossi
Keyword(s):  
Corporate Governance ◽  
Commercial Banks ◽  
Banking Sector ◽  
Positive Impact ◽  
Corporate Structure ◽  
Academic Literature ◽  
Large Shareholders ◽  
Bank Ownership ◽  
Institutional Shareholders

The wide-ranging academic literature on corporate governance in the banking sector includes only a few studies on bank ownership and, specifically, on the comparative power of shareholders within the corporate structure. This paper reports an investigation into the presence of multiple large shareholders and their influence on profitability and risk in the long-term, considering a sample of 697 U.S. and European listed commercial banks from 2008 to 2018. It was found that the number of large and institutional shareholders has a positive impact on profitability, but no effect on risk. However, long-term ownership by multiple large shareholders contributes to decreasing risk in banks.

Sign in / Sign up

Export Citation Format

Share Document