Economics at your fingertips  

Cybersecurity hazards and financial system vulnerability: a synthesis of literature

Md. Hamid Uddin (), Md. Hakim Ali () and M. Kabir Hassan ()
Additional contact information
Md. Hamid Uddin: University of Southampton, Malaysia Campus
Md. Hakim Ali: Taylor’s University

Risk Management, 2020, vol. 22, issue 4, No 1, 239-309

Abstract: Abstract In this paper, we provide a systematic review of the growing body of literature exploring the issues related to pervasive effects of cybersecurity risk on the financial system. As the cybersecurity risk has appeared as a significant threat to the financial sector, researchers and analysts are trying to understand this problem from different perspectives. There are plenty of documents providing conceptual discussions, technical analysis, and survey results, but empirical studies based on real data are yet limited. Besides, the international and national regulatory bodies suggest guidelines to help banks and financial institutions managing cyber risk exposure. In this paper, we synthesize relevant articles and policy documents on cybersecurity risk, focusing on the dimensions detrimental to the banking system’s vulnerability. Finally, we propose five new research avenues for consideration that may enhance our knowledge of cybersecurity risk and help practitioners develop a better cyber risk management framework.

Keywords: Cybersecurity; Cyber risk; Banking stability; IT costs; Institutional performance; Bank operational risks (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link) Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from

DOI: 10.1057/s41283-020-00063-2

Access Statistics for this article

Risk Management is currently edited by Igor Loncarski

More articles in Risk Management from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

Page updated 2021-10-15
Handle: RePEc:pal:risman:v:22:y:2020:i:4:d:10.1057_s41283-020-00063-2