Assessing cybersecurity risks and prioritizing top strategies In Vietnam's finance and banking system using strategic decision-making models-based neutrosophic sets and Z number

Abstract

The financial and banking system in Vietnam is currently confronted with a myriad of cybersecurity risks, a matter of paramount concern for the government, businesses, and individuals alike. These risks threaten the financial system's security, reliability, and integrity, potentially resulting in significant economic losses. This research endeavors to identify the prevailing cybersecurity risks in Vietnam's financial and banking system, assess their impact, and elucidate the interrelationships among these risks. Employing the Multi-Criteria Decision Making (MCDM) approach, the study integrates the DELPHI technique, Decision-Making Trial and Evaluation Laboratory (DEMATEL), and Combined Compromise Solution (COCOSO) methods, complemented by Neutrosophic Sets (NS) and Z-number concepts to enhance the accuracy and reliability of the findings. The research findings reveal the existence of 15 cybersecurity risks in Vietnam's financial and banking system, with Malware Infections and Supply Chain Vulnerabilities emerging as the most consequential risks. Moreover, the study identifies investing in advanced threat detection systems as the optimal strategy for mitigating cybersecurity risks in Vietnam. The results underscore the importance of addressing these critical risks to safeguard the financial infrastructure, focusing on deploying robust cybersecurity measures to enhance overall system resilience.