Cybersecurity Strategy Research Articles

Integrating machine learning for sustaining cybersecurity in digital banks

Cybersecurity continues to be an important concern for financial institutions given the technology's rapid development and increasing adoption of digital services. Effective safety measures must be adopted to safeguard sensitive financial data and protect clients from potential harm due to the rise in cyber threats that target digital organizations. The aim of this study is to investigates how machine learning algorithms are integrated into cyber security measures in the context of digital banking and its benefits and drawbacks. We initially provide a general overview of digital banks and the particular security concerns that differentiate them from conventional banks. Then, we explore the value of machine learning in strengthening cybersecurity defenses. We revealed that insider threats, distributed denial of service (DDoS) assaults, ransomware, phishing attacks, and social engineering are main cyberthreats that are digital banks exposed. We identify the appropriate machine learning algorithms such as support vector machines (SVM), recurrent neural networks (RNN), hidden markov models (HMM), and local outlier factor (LOF) that are used for detection and prevention cyberthreats. In addition, we provide a model that considers ethical concerns while constructing a cybersecurity framework to address potential vulnerabilities in digital banking systems. The advantages and disadvantages of incorporating machine learning into the cybersecurity strategy of digital banks are outlined using strengths, weaknesses, opportunities, threats (SWOT) analysis. This study seeks to provide a thorough knowledge of how machine learning may strengthen cybersecurity procedures, protect digital banks, and maintain customer trust in the ecosystem of digital banking.

Managing Cybersecurity: Digital Footprint Threats

Abstract Managing cybersecurity and protecting data assets remain top priorities for businesses. Despite this, numerous data breaches persist due to malicious human actions, resulting in significant financial setbacks. However, many cybersecurity strategies overlook invisible or indirect threats within their scope, such as digital footprints. This paper examines the relationship between personality traits and user behavior concerning cybersecurity. The study suggests that human personality can be predicted using innovative techniques based on the digital hints individuals leave on the internet. Consequently, this information can be exploited for malicious actions against entities. As proposed, an effective strategy for improving behaviors and cultivating a security-oriented culture involves continually identifying relevant sources of cyber risks and implementing continuous awareness initiatives.

THE CONCEPT OF SECURITY IN GERMAN FOREIGN POLICY

The Ukrainian crisis escalation in February 2022 became an impetus for securitizing German foreign and domestic policies. An appeal to the notion of security is present in most significant discussions on the state development. Germany’s national security strategy securitized all major spheres of life in German society, making security a universal and comprehensive concept. This is also reflected in other guiding documents, such as the White Paper of the Bundeswehr, the Guiding Principles of Feminist Foreign Policy, the Cybersecurity Strategy. The «change of eras» concept announced by Olaf Scholz updated the security debate by addressing traditional military threats, launching a general revision of the security concept in German politics. Consequently, the boundaries of use of the security concept have expanded, making it commonly used by all participants of domestic political debates and, at the same time, significantly relativizing it. An illustrative example is the migration crisis, where both supporters and opponents of Berlin’s liberal migration policy appeal to German security interests. The further development of the security concept in German foreign policy will be determined by the development of the party-political system of the country, Berlin’s role in key international crises (Ukrainian conflict, Palestinian-Israeli conflict), and processes within German society.

CYBERATTACKS ON THE ACCOUNTING PROFESSION :A LITERATUR REVIEW

This research reviews the literature on cyberattacks against accounting information systems, focusing on their causes, impacts and mitigation strategies. The results of the systematic mapping show that cyberattacks are caused by various internal and external factors, including system vulnerabilities, human error, and technological evolution. The impact of cyberattacks can be significant, including financial loss, reputational damage, compromise of financial data, erosion of trust, and operational disruption. Addressing these challenges requires a proactive approach that combines technology, policy and education. Investment in cybersecurity, awareness training, and a strong security culture are essential to mitigate cyber risks. Further research is needed to evaluate the effectiveness of cybersecurity strategies, the role of cybersecurity culture, rapid detection and response methods, integration of new technologies, and the impact of regulations. By raising awareness and implementing proactive measures, the accounting profession can improve its cybersecurity posture and protect critical financial information from cyber threats.

Cybersecurity strategies for protecting big data in business intelligence systems: Implication for operational efficiency and profitability

The alarming increase in consumers goods and services with concurrent devaluations of naira have necessitated the need to examine the effects of NUSX(Nigerian naira/1 US dollar), NFX (Nigerian naira/1 France franc) and NCX (Nigerian naira/1 Chinese yuan) rates on inflation(measured by CPI) and its volatility in Nigeria using data sets spanning from 2008 to 2022. The auxiliary autoregressive AAR(3) order of integration test specify that all the variables are stationary at first difference. Adopting multiple regression model with least square method of estimation and generalized autoregressive conditional heteroskedasticity (GARCH(1, 1)) as measure of volatility, the results indicate that NCX (Nigerian naira/1 Chinese yuan), NFX (Nigerian naira/1 France franc) and NUSX(Nigerian naira/1 US dollar) have no influence on both inflation and its volatility in Nigeria. This implies that variation in exchange rates system is not sufficient to explain the sudden increase in the prices of goods and services in Nigeria. Therefore, the government should look beyond exchange rates in finding solution to rising inflation phenomenon in Nigeria’s economic space.

Navigating Cybersecurity: Environment’s Impact on Standards Adoption and Board Involvement

ABSTRACT This study investigates cybersecurity governance dynamics within organizations, investigating the influence of supply chains, environmental factors, and stakeholder engagement. Utilizing the UK’s Cyber Security Longitudinal Survey and employing artificial neural networks and k-means cluster analysis, we explore how organizational practices and external pressures shape cybersecurity strategies. Our findings show the managerial and political dimensions of improving organizational cybersecurity, highlighting the critical role of environmental influences alongside incident perception and self-efficacy. The research shows the necessity for organizations to remain receptive to external influences and identifies supply chains as critical factor in shaping cybersecurity practices, advocating for comprehensive security protocols. We demonstrate that guidance from governing bodies is essential for aligning with industry standards. The findings suggest a range of strategies, from implementing standards to encouraging board-level integration of cybersecurity, facilitated by a combination of coercive, normative, and mimetic pressures exerted by various agents, including governments, stakeholders, and the supply chain.

Resilience and risk management in cybersecurity: A grounded theory study of emotional, psychological, and organizational dynamics

This Grounded Theory examines the in-depth dynamics of cybersecurity professionals working in financial organizations regarding stress management, risk handling, communication challenges, and perceived benefits from work. This study conducted a grounded theory approach with cybersecurity professionals through in-depth interviews to comprehensively understand these dynamics. The findings identify critical themes about emotional and psychological resilience, effective risk management strategies, overcoming communication challenges, and recognizing organizational and personal benefits from robust cybersecurity practices. The current research highlights that for better well-being and performance of cybersecurity teams, extensive support systems, proactive risk management, and communication are very important and should be embedded within organizations. By utilizing the grounded theory, this study offers a nuanced exploration of the complex and entwined factors that impact daily operations and the overall effectiveness of cybersecurity professionals, offering valuable insights for improving organizational policies and creating a supportive work environment. These findings suggest, most importantly, that robust support systems, risk assessments, clear communication protocols, and training opportunities should be developed and operationalized in financial organizations to help professionals reduce stress at work and strengthen resilience factors. Not only does this research project cover significant gaps in the literature, but it also really helps financial organizations further improve their currently existing cybersecurity strategies to better support personnel by using this framework.

Operational Technology resilience in the 2023 draft delegated act on cybersecurity for the power sector—An EU policy process analysis

The EU’s 2020 Cybersecurity Strategy promotes cybersecurity as essential for building a resilient, green, and digital Europe. Cleaner energy sources such as wind and solar are more volatile and thus need digital integration with Industrial Control Systems (ICS) for grid balancing. However, the digitization and the properties of cyberspace provide the ability to coordinate disruptive cyberattacks against power grid infrastructures. Digital weapons may be launched against ICS to start multiple cascading outages with a keystroke, causing large-scale blackouts we have never seen before. To reduce risk, the EU’s Strategy describes three objectives for ICS: Secure-by-design, resilient, and timely patched. In the strategy, the European Commission suggests a ”network code,” i.e. a delegated act for the electric power sector, setting rules for cybersecurity in cross-border electricity flows. The draft delegated act of November 2023 presents security requirements for Information and Communication Technology (ICT) and Network and Information Systems (NIS). Although ICS systems are used directly to manage electricity flows, ICS is only mentioned in one of the delegated act’s recitals as a subcategory of ICT products. Suppose Information Technology (IT) rather than Operational Technology (OT) is the focus of the delegated act. In that case, policymakers may not fulfill the EU cybersecurity strategy’s ICS objectives, thus failing to improve the resilience of power grid infrastructures and cross-border electricity flows. This study is a policy process analysis, and its contribution is threefold. First, a literature review is conducted to understand the extent to which the delegated act covers OT. Second, a framework condition analysis is applied to understand why the delegated act lacks OT-specific security requirements. Third, the analysis is extended to understand whether OT is sufficiently covered to achieve the EU strategy’s ICS objectives. In conclusion, our analysis shows a strong intention to include OT-specific security in the preparatory work of the delegated act, but that a stronger position of the IT communities forced OT onto the sideline. Further, the study shows weak fulfillment of general secure-by-design principles and security patch management. These results indicate that OT coverage in the delegated act is not in line with the expectations of the EU’s cybersecurity strategy and the delegated act’s early preparatory work. Therefore, we have suggested three measures to increase OT resilience focus in the act: (a) Define the expressions NIS, ICT services, ICT processes, and ICT in general as umbrella terms that include OT, (b) The foreseen minimum and advanced cybersecurity controls should require OT-specific measures, including holistic secure-by-design principles and patch management covering all patching phases, (c) Develop an OT implementation guide for the delegated act. Our work can be used by policymakers to optimize cybersecurity policy processes and by researchers studying socio-technical gaps in the cybersecurity domain.

Assessing the Effectiveness of Cyber Domain Controls When Conducting Cybersecurity Audits: Insights from Higher Education Institutions in Canada

This study validates a comprehensive cybersecurity audit model through empirical analysis in three higher education institutions in Canada. The research aims to enhance cybersecurity resilience by assessing the effectiveness of cybersecurity controls across diverse educational environments. Given the increasing frequency and sophistication of cyberattacks targeting educational institutions, this research is essential to ensure the protection of sensitive academic and personal data. Data were collected through detailed audits involving system vulnerabilities, compliance with security policies, and incident response management at each institution. The findings underscore the importance of tailored cybersecurity strategies and continuous auditing to mitigate cyber risks in the Canadian higher education sector. This study contributes to the field by validating a versatile audit tool that can be adapted to various institutional contexts, promoting enhanced cybersecurity practices and evaluating the effectiveness of cybersecurity safeguards across the higher education sector in Canada. The results of the audit model validations provide the cybersecurity maturity rating of each institution. Further research is recommended to refine the model and explore its application in other industries and sectors.

The Role of Cyber Security in the Innovative Development of Digital Products and Services

Given the modern challenges of the digital economy, it is important to analyze cyber security threats, which increasingly affect national security. Addressing cyber security concerns is different from the trends in the new generation of international trade agreements, which create broad security exceptions and are designed to restore balance between international trade and national security. However, these new approaches may not be immune to potential abuse. [1] The rapid development of digital technologies increases the risk of attacks, making organizations more susceptible to cyber threats. The more devices, systems and networks are interconnected, the greater the risk of successful cyber attacks. As for Georgia's cyber security policy, the following remain the main challenges: establishing a proactive state cyber security policy, raising cyber awareness in state agencies, staffing problems, and non-priority of cyber security. [2] In today's rapidly evolving digital environment, organizations are undergoing a major change known as digital transformation. The term "digital transformation" refers to the integration of digital technologies into all aspects of corporate operations, which has a profound impact on the performance and value of companies. While digital transformation brings many opportunities and benefits, it also brings many cybersecurity challenges. The role and importance of cyber security in ensuring a secure digital transformation is huge. Keywords: Ensuring Cyber Security, Digital Transformation, Data Privacy, Cyber Security Strategy.

Prioritizing cybersecurity initiatives in aviation: A dematel-QSFS methodology

The aviation industry's growing dependence on digital technologies necessitates robust cybersecurity measures to counter advanced threats. This study integrates the Decision-Making Trial and Evaluation Laboratory (DEMATEL) method with Quantum Spherical Fuzzy Sets (QSFS) to enable precise and reliable decision-making under uncertainty. Key criteria, identified through expert evaluations, include Threat Detection Systems (TDS), Data Encryption Protocols (DEP), Regulatory Compliance (RC), Incident Response Plans (IRP), User Training (UT), Access Control Mechanisms (ACM), and Network Security Solutions (NSS). Analysis using the proposed method revealed that “Regulatory Compliance” and “Threat Detection Systems” are the most influential factors, emphasizing the need for strict adherence to standards and advanced threat detection capabilities. Additionally, the significance of “User Training” and “Data Encryption Protocols” underscores the importance of comprehensive training programs and strong encryption measures. By incorporating strategic management theories such as the Resource-Based View (RBV), Contingency Theory, and Risk Management Theory, this study presents a strategic framework to assist aviation organizations, policymakers, and researchers in developing effective cybersecurity strategies, ensuring the safety and security of global air travel.

Cybersecurity strategies in fintech: safeguarding financial data and assets

Cybersecurity strategies in fintech: safeguarding financial data and assets

Strategic integration of cyber security in business intelligence systems for data protection and competitive advantage

In the current world, business intelligence systems play a crucial role in guiding organizations on the best strategies to adopt depending on the analytical information and results obtained (Ahmad et al., 2020). Nonetheless, they are being used frequently and, hence, are vulnerable to ransom attacks, requiring appropriate security measures. This study examines the opportunities for BI solution providers to implement cybersecurity, mitigate risks, and gain competitive advantage. The study adopts a mixed-methods approach to the research involving a literature review study, self-complete questionnaires, interviews, and case studies among a variable of industry professionals. The observation in this research process shows that incorporating enhanced encryption methods, two-factor verification, monitoring, and security culture advancements leads to increased data security levels. Furthermore, apart from defending an organization from cyber-threats, properly implementing cyber security in BI systems ensures that an organization acquires better customer trust, compliance with regulations, and a competitive edge in the market. This paper outlines vital tactics and best practices businesses can apply to enhance, design, and implement robust cybersecurity strategies for organizational benefit. This research aims at the following question; How can cybersecurity be integrated in Business Intelligence (BI) systems considering the facts that businesses are adopting data-driven strategies in the current century? Since more organizations opt for BI systems to collect pertinent information and generate strategic decisions, the systems named remain vulnerable to grabs and threats. Similarly, the research on the role of cyber security is a prime example to show how it need not to be a risk factor but in fact could be a key strength.

Cyber Diplomacy during the Biden Administration and Future Prospects

The Biden administration has placed a high priority on cybersecurity and cyber diplomacy during its tenure. This paper delves deeply into the Biden administration's various efforts in the realm of cyber diplomacy, aiming to forge cyber alliances guided by cybersecurity strategy and the concept of small multilateralism. The Biden administration seeks to leverage cyber diplomacy to repair relationships with traditional allies while also strengthening cooperation with emerging market countries, thereby maintaining and enhancing the United States' leadership in global cyber policy. The paper also analyzes the main challenges faced by the Biden administration, including rapidly advancing technology, domestic and international political factors, and competition with global adversaries. Finally, the paper evaluates the current effectiveness of the Biden administration's cyber diplomacy, noting some achievements while arguing that the U.S. cyber diplomacy strategy will need further adjustments and optimizations to address the continuously changing global political and economic landscape.

Digital Sentinels and Antagonists: The Dual Nature of Chatbots in Cybersecurity

Advancements in artificial intelligence, machine learning, and natural language processing have culminated in sophisticated technologies such as transformer models, generative AI models, and chatbots. Chatbots are sophisticated software applications created to simulate conversation with human users. Chatbots have surged in popularity owing to their versatility and user-friendly nature, which have made them indispensable across a wide range of tasks. This article explores the dual nature of chatbots in the realm of cybersecurity and highlights their roles as both defensive tools and offensive tools. On the one hand, chatbots enhance organizational cyber defenses by providing real-time threat responses and fortifying existing security measures. On the other hand, adversaries exploit chatbots to perform advanced cyberattacks, since chatbots have lowered the technical barrier to generate phishing, malware, and other cyberthreats. Despite the implementation of censorship systems, malicious actors find ways to bypass these safeguards. Thus, this paper first provides an overview of the historical development of chatbots and large language models (LLMs), including their functionality, applications, and societal effects. Next, we explore the dualistic applications of chatbots in cybersecurity by surveying the most representative works on both attacks involving chatbots and chatbots’ defensive uses. We also present experimental analyses to illustrate and evaluate different offensive applications of chatbots. Finally, open issues and challenges regarding the duality of chatbots are highlighted and potential future research directions are discussed to promote responsible usage and enhance both offensive and defensive cybersecurity strategies.

The Major Challenges Facing the Development of African Countries, and Algeria in Particular, in the Face of Cybercrime

The rapid development of information and communication technologies is closely related to the exponential growth in data volumes. At the same time, the development of enterprise strategies coupled with the digital economy has led to changes in business models and infrastructure solutions. The emergence of innovative industries that extensively use the internet has presented significant challenges to the security of systems and sensitive data, particularly in the field of cybercrime. In order to address the growing issue of cybercrime, African nations, among which Algeria is the largest country, need to build a series of digital barriers in the form of legislation, multilateral agreements, and the development of technical capacity in this area, such as the creation of cybersecurity centers. The implementation of an effective cybersecurity strategy is strongly required on a national, regional, and continental scale. According to the last report of the Global Cybersecurity Index 2020, Mauritius is ranked as the most secure country in Africa in terms of cybersecurity, followed by South Africa in the second rank. A successful economy inherently involves a digital economy and a bold strategy to counter all the “nuisance” of cybercrimes. Algeria, despite its relatively low ranking in the last report of the Global Cybersecurity Index, has made significant progress when compared to its neighbors. With its excellent internet connectivity and a young and dynamic population, Algeria’s positive economic indicators are certain to improve even further with the desired membership it seeks in the BRICS organization. Given these considerations, it follows that South Africa as well as Algeria possess the potential to serve as locomotives for the development of the whole of Africa.

A data-driven multi-perspective approach to cybersecurity knowledge discovery through topic modelling

Cybersecurity is crucial for protecting the privacy of digital systems, maintaining economic stability, and ensuring national security. This study presents a comprehensive approach to cybersecurity knowledge discovery through topic modelling, using a multi-perspective analysis of academic and industry sources. The datasets include 15,751 articles from the Web of Science (WoS) database and 5,831 articles from Security Magazine, spanning from 2011 to 2023. We employed BERTopic for topic modelling, UMAP for dimensionality reduction, and HDBSCAN clustering algorithm for grouping and analysing distinct article clusters to uncover latent topics, enhancing the understanding of the evolving cybersecurity landscape. This study found 12 micro-clusters and three macro-clusters, namely technology, smart city and education, from the WoS database and 12 more micro-clusters and four macro-clusters, including organization, public security, governance, and education, from magazines. This study reveals key cybersecurity research and practice trends, such as the increasing focus on malware, ransomware, and cyber-attack mitigation. Additionally, temporal analysis indicates a significant rise in cybersecurity interest around 2020, followed by a diversification of topics. The results highlight the importance of integrating diverse data sources to capture a holistic view of cybersecurity developments. Future work will aim to refine the clustering algorithms to further improve topic extraction and analysis and expand the datasets to include more diverse sources and perspectives. This approach helps discover current cybersecurity trends and provides a foundation for more targeted and effective cybersecurity strategies.

The Impact of Cybersecurity Strategy on Information System Effectiveness: Conceptual Paper

The Impact of Cybersecurity Strategy on Information System Effectiveness: Conceptual Paper

Methodology of Quantitative Assessment of Network Cyber Threats Using a Risk-Based Approach

The methodology of a quantitative assessment of organ- isation’s network cyber threats was developed in order to quanti- tatively assess and compare the cybersecurity threat landscape in conditions of limited data while applying the risk-oriented approach. It can be used either for assessing the level of network cyber threats of a particular organisation (as a quantitative measure of the criti- cality of cyber threats that are detected within the organisation’s network) or for comparing the level of network cyber threats of several organisations during the same or different time periods, giving grounds for supporting the process of making manage- rial decisions regarding the organisation’s cybersecurity strategy. The proposed scheme of the algorithm can be used to automate the calculation process. The assessment of network cyber threats that are considered in the article is not a full-fledged measure of the cyber risk because the methodology was developed consider- ing the common circumstances of the deficiency of the risk context data. Nevertheless, the results of the methodology implementation partially reflect the overall level of the organisation’s cyber risk and are expected to be used in the case when the full-featured proper cyber threats assessment can’t be organised for some reason.

Determining the Efficacy of Machine Learning Strategies in Quelling Cyber Security Threats: Evidence from Selected Literatures

The alarming security threats in the internet world continually raise critical concerns among individuals, organizations and governments alike. The sophistication of cyber-attacks makes it imperative for a paradigm shift from traditional approaches and measures for quelling the attacks to modern sophisticated, digital and strategic ones, such as those involving machine learning and other technologies of artificial intelligence (AI). This study is aimed at examining machine learning (ML) strategies for effective cyber security. ML involves using algorithms and statistical models to enable computers learn from and make decisions or predictions based on data. The study relied on secondary data, which were subjected to a systematic review. The results of its thematic and qualitative analyses prove that majority of the literatures allude to the fact that the maximal performance abilities and tactics of the ML constitute its strategies for quelling cyber security. These include its: early detection of threats that are tackled before they cause damages; ability to analyze huge quantity of data quickly and accurately; and processing of datasets in real-time. The study argues that the noted abilities and tactics constitute ML strategies for quelling cyber security, regardless of its challenges like data quality, security vulnerabilities and possible incidences of bias. The study concludes that ML can indeed be used to detect and respond to threats in real-time, ascertain patterns of malicious behavior, and improve on internet security, which thereby prove it to be a viable tool for quelling cyber security.