Developing Cybersecurity Frameworks for Financial Institutions: A Comprehensive Review and Best Practices

Abstract

In the digital epoch, where the financial sector stands as the cornerstone of global economic stability, the escalating sophistication of cyber threats poses an unprecedented challenge. This scholarly pursuit aimed to dissect the intricate web of cybersecurity within the financial domain, elucidating the evolving threat landscape, scrutinizing the efficacy of existing cybersecurity frameworks, and delineating strategic pathways for fortification against digital adversaries. Anchored in a qualitative methodology, the study embarked on a systematic literature review, meticulously sifting through contemporary academic discourse to unveil the nuances of cybersecurity challenges besieging financial institutions. The scope of this inquiry spanned the assessment of regulatory landscapes, the exploration of technological innovations in cybersecurity, and the critical examination of human factors influencing cybersecurity efficacy. The findings illuminate a stark reality—the existing cybersecurity frameworks, though foundational, are increasingly inadequate in the face of sophisticated cyber threats. The study advocates for a paradigmatic shift towards more adaptable, robust, and technology-driven cybersecurity frameworks, underscored by the imperative for regulatory agility and international collaboration. Conclusively, the paper posits that the future of cybersecurity in the financial sector hinges on a tripartite alliance among financial institutions, regulatory bodies, and technology providers, urging a unified front to navigate the cyber tempest. Recommendations call for an integrated approach that marries regulatory compliance with cutting-edge technological solutions, fostering a cybersecurity ecosystem that is both resilient and responsive to the digital zeitgeist. This scholarly endeavor not only contributes to the academic discourse on financial cybersecurity but also serves as a beacon for policymakers, practitioners, and stakeholders in charting a secure course in the digital financial frontier.
 Keywords: Cybersecurity, Financial Sector, Systematic Literature Review, Regulatory Compliance, Technological Innovation, Strategic Recommendations.