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Cyber Risk Management in Banks: Cyber Risk Insurance

Cyber Risk Management in Banks: Cyber Risk Insurance
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Author(s): İsmail Yıldırım (Hittite University, Turkey)
Copyright: 2019
Pages: 13
Source title: Global Cyber Security Labor Shortage and International Business Risk
Source Author(s)/Editor(s): Bryan Christiansen (Tactical Systems LLC, USA)and Agnieszka Piekarz (Independent Researcher, Poland)
DOI: 10.4018/978-1-5225-5927-6.ch003

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Abstract

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.

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