Abstract
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.
Highlights
Cybercrime becomes costlier than physical crime in governance significantly emphasize the board's role in developed economies
We summarized the risk as “Top-Ten” risk (Table 4) with sources, implications/events, and possible cybercrimes in Bangladeshi commercial banks based on directors' opinions
The significant cyber risks (Top-Ten) that may happen in the banking sector in Bangladesh are information technology (IT) governance risk, IT investment risk, cyber competence risk, cyber infrastructure risk, IT project risk, business continuity risk, information risk, financial risk, public perception risk, and IT reputation risk
Summary
Cybercrime becomes costlier than physical crime in governance significantly emphasize the board's role in developed economies. It has become the top mitigating cyber risk among the ERM functions, priority in governance issues in financial institutions. In the developing nation in Bangladesh, the banking sector faces financial institutions, the board members’ role on the 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. Information and communication technology is rapidly expanding towards every corporate sector banks in Bangladesh, we identified the possible cyber risk and globally, and the Bangladeshi banking sector is no 49 prepared the risk profile describing the sources, implications, exception. It is unclear whether the commercial banks most significantly consider the cyber risk to identify assets'
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