Assessing the Rising Threats of Cyberattacks on Financial Data and the Strategies Organizations Can Implement to Safeguard their Financial Information
Authors: Festus Ndubuisi Nkwo, Justina Chioma Agu, Eneh, Sylvia Nnenna
Journal: International Journal of Accounting and Financial Risk Management (IJAFRM), ISSN 3023-3690
Citation: IJAFRM 5(2): 16-30, 2024-11-13.
DOI: 10.5281/zenodo.14073580
PDF: Download full-text PDF
Type: Original Research
Abstract
This study investigates the current landscape of cyber threats targeting financial data within organizations, focusing on the perceptions and practices of IT security professionals. A survey was conducted with 370 participants from the financial sector to identify the most significant threats, assess the effectiveness of existing cybersecurity strategies, and determine areas requiring improvement. The findings reveal that phishing attacks are perceived as the foremost threat, with 32.4% of respondents identifying them as a primary concern, followed by data breaches (27.0%) and ransomware (24.3%). While 37.8% of participants rated their cybersecurity measures as somewhat effective, a significant 13.5% felt their strategies were not effective, indicating critical gaps that need to be addressed. The study highlights a strong demand for enhanced resources, particularly in employee training (27.0%) and increased funding (35.1%), to improve cybersecurity posture. Furthermore, the necessity for partnerships with cybersecurity firms was noted, emphasizing the value of external expertise. These insights underscore the multifaceted challenges organizations face in safeguarding financial data and provide actionable recommendations for strengthening cyber resilience in the financial sector.
Keywords
Cyberattacks, Financial Data, Threat Assessment, Data Breaches, Phishing Attacks, Ransomware, Cyber Resilience, Security Strategies, IT Security Professionals
Full Text
This study investigates the current landscape of cyber threats targeting financial data within organizations, focusing on the perceptions and practices of IT security professionals. A survey was conducted with 370 participants from the financial sector to identify the most significant threats, assess the effectiveness of existing cybersecurity strategies, and determine areas requiring improvement. The findings reveal that phishing attacks are perceived as the foremost threat, with 32.4% of respondents identifying them as a primary concern, followed by data breaches (27.0%) and ransomware (24.3%). While 37.8% of participants rated their cybersecurity measures as somewhat effective, a significant 13.5% felt their strategies were not effective, indicating critical gaps that need to be addressed. The study highlights a strong demand for enhanced resources, particularly in employee training (27.0%) and increased funding (35.1%), to improve cybersecurity posture. Furthermore, the necessity for partnerships with cybersecurity firms was noted, emphasizing the value of external expertise. These insights underscore the multifaceted challenges organizations face in safeguarding financial data and provide actionable recommendations for strengthening cyber resilience in the financial sector.