An Approach to Managing Innovation to Protect Financial Sector Against Cybercrime

Kuzmenko, Olha; Kubálek, Jan; Bozhenko, Victoria; Kushneryov, Olexandr; Vida, Imre

doi:10.17512/pjms.2021.24.2.17

Cited by 13 publications

(9 citation statements)

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“…Smith and Dhillon [ 20 ] highlighted that blockchain is a crucial technology to minimize security threats in financial transactions; however, there is a need for rigorous analysis of blockchain implementation in the financial sector. Similarly, Kuzmenko et al [ 21 ] used machine learning models to analyze large volumes of financial data to identify potential threats at an early stage.…”

Section: Resultsmentioning

confidence: 99%

Digital Transformation and Cybersecurity Challenges for Businesses Resilience: Issues and Recommendations

Saeed,

Altamimi,

Alkayyal

et al. 2023

Sensors

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This systematic literature review explores the digital transformation (DT) and cybersecurity implications for achieving business resilience. DT involves transitioning organizational processes to IT solutions, which can result in significant changes across various aspects of an organization. However, emerging technologies such as artificial intelligence, big data and analytics, blockchain, and cloud computing drive digital transformation worldwide while increasing cybersecurity risks for businesses undergoing this process. This literature survey article highlights the importance of comprehensive knowledge of cybersecurity threats during DT implementation to prevent interruptions due to malicious activities or unauthorized access by attackers aiming at sensitive information alteration, destruction, or extortion from users. Cybersecurity is essential to DT as it protects digital assets from cyber threats. We conducted a systematic literature review using the PRISMA methodology in this research. Our literature review found that DT has increased efficiency and productivity but poses new challenges related to cybersecurity risks, such as data breaches and cyber-attacks. We conclude by discussing future vulnerabilities associated with DT implementation and provide recommendations on how organizations can mitigate these risks through effective cybersecurity measures. The paper recommends a staged cybersecurity readiness framework for business organizations to be prepared to pursue digital transformation.

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Section: Resultsmentioning

confidence: 99%

Digital Transformation and Cybersecurity Challenges for Businesses Resilience: Issues and Recommendations

Saeed,

Altamimi,

Alkayyal

et al. 2023

Sensors

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show abstract

“…Quarantines imposed by the governments of many countries have increased the number and volume of online payments and accelerated the pace of digitalization of the economy (Afonasova et al, 2019). Thus, there is an additional space for the development of cybercrime (Kuzmenko et al, 2021). Selected digital threats are shown in Table 4.2.…”

Section: Cybercrime As the Everyday Life Of 21 St Century Organizationsmentioning

confidence: 99%

The Idea of Organizational Resilience in the Face of Cybercrime

Walentek,

Jelonek

2023

Game Changers in Management

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The digital transformation process, deepened by the outbreak of the COVID-19 pandemic, completely changes the current reality of the organization in global terms. Using digital solutions has a number of advantages, but it is also associated with numerous cyber threats. In the face of these threats, digital resilience has become a kind of business imperative. The aim of the article is to determine the level of knowledge of the organization's employees about cyber threats and the degree of their preparation for potential threats of this type. The study showed an insufficient level of recognition of cyber threats by employees of the organization. It was found that employees were not adequately prepared for potential threats by the employer, which consisted, among others, in the fact that training on digital threats was conducted too rarely. Many employees do not apply appropriate forms of data and document protection. The above conclusions should encourage managers to ensure a higher level of employee education on cybercrime, and thus to build a more digitally resilient organization.

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“…Digital transformation affects the socioeconomic development of countries (Kuzior et al, 2019) and depends on the level of cybersecurity development . One of the critical factors of these transformational processes is digital literacy, which increases the efficiency of the personnel potential of enterprises (Tatli et al, 2023;Kobis, Karyy, 2021;Kuzmenko et al, 2021). Also, it can generate digital leadership in companies, which contributes to increasing the efficiency of many technological and security processes (Topcuoglu et al, 2023).…”

Section: Literature Reviewmentioning

confidence: 99%

Company Cybersecurity System: Assessment, Risks and Expectations

Kuzior,

Yarovenko,

Brożek

et al. 2023

Production Engineering Archives

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The consequences of Industry 4.0 have adverse side effects on cybercrime growth, which requires creating an effective cybersecurity system for companies. Therefore, this study aims to develop a composite indicator of company cybersecurity to assess its development needs. For this purpose, the authors modified Porter’s method by constructing a superposition matrix based on the growth rates of cyber threats and risks, calculating their quantitative characteristics and a composite indicator. The computations are based on indicators for 2016-2022 characterizing cybersecurity vulnerabilities and the consequences of cyber threats: the share of companies experiencing one, six or more successful cyberattacks, considering the likely and very likely success of cyberattacks on them in the next 12 months, security threat and concern indices, the share of companies with a growing security budget affected by ransomware and experiencing a shortage of skilled IT security personnel, the cost of stolen or compromised credentials. As a result, cybersecurity needs increased significantly for 2020-2022, mainly due to digital transformation and the cyber threats growth after the COVID-19 pandemic. A comparative analysis of the proposed indicator with those characterizing the development of Industry 4.0 showed that the need for a reliable cybersecurity system is much more important than the active development of modern technologies. Spending on IT is also increasing, but not enough to meet the needs of cybersecurity development, except for the 2022 results. The proposed indicator is defined for companies worldwide, but its versatility allows the methodology to be applied to enterprises of various industries and sizes.

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An Approach to Managing Innovation to Protect Financial Sector Against Cybercrime

Cited by 13 publications

References 0 publications

Digital Transformation and Cybersecurity Challenges for Businesses Resilience: Issues and Recommendations

Digital Transformation and Cybersecurity Challenges for Businesses Resilience: Issues and Recommendations

The Idea of Organizational Resilience in the Face of Cybercrime

Company Cybersecurity System: Assessment, Risks and Expectations

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