Cyber Risk Management in Banks
İsmail Yıldırım · Advances in business strategy and competitive advantage book series · 2018
Security vulnerabilities available in cyber security systems lead to virtual and physical damages to financial systems which in turn cause national- and individual-level security issues. Today's world is being shaped by digital technology, and cyber threats to information constitute a significant risk factor for businesses. This study explores the cyber security risks the banking system may encounter. The status of banking system, a system which includes a number of online services, in Turkey with respect to cyber security risks and the current risks are assessed and presented along with possible solutions. This study analyzes e-payment systems (online banking and e-trade/the use of debit/credit cards) and the supply chain, the backbone of the e-finance system, with respect to national cyber security risks. Nevertheless, cyber risk insurance, an emerging tool for cyber risk management, was analyzed in detail.