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Cyber Security Solutions for Businesses in Financial Services: Challenges, Opportunities, and the Way Forward

Author

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  • Shahzeb Akhtar

    (Symbiosis Centre For Management and HRD, Symbiosis International University (Deemed), India)

  • Pratima Amol Sheorey

    (Symbiosis Centre For Management and HRD, Symbiosis International University (Deemed), India)

  • Sonali Bhattacharya

    (Symbiosis Centre For Management and HRD, Symbiosis International University (Deemed), India)

  • Ajith Kumar V. V.

    (Skyline University College, UAE)

Abstract

This paper examines the challenges that small, medium, and large businesses in the financial services industry are facing concerning data security and providing relevant tools and strategies to protect the same. A qualitative research-based approach has been used where one-on-one interviews were conducted with 10 CIOs (chief information officers) and CISOs (chief information security officers). This data was compared with secondary data sources to validate the findings. This paper presents an in-depth analysis regarding security technologies and their efficacy to protect data assets and sensitive information. It will also opine about the technologies that each business type can use economically to cover the gamut of cyber-attacks. Existing research is restricted to either addressing small and medium businesses (SMBs) or large businesses. This paper attempts a comprehensive review for all sizes of businesses.

Suggested Citation

  • Shahzeb Akhtar & Pratima Amol Sheorey & Sonali Bhattacharya & Ajith Kumar V. V., 2021. "Cyber Security Solutions for Businesses in Financial Services: Challenges, Opportunities, and the Way Forward," International Journal of Business Intelligence Research (IJBIR), IGI Global, vol. 12(1), pages 82-97, January.
    • Handle: RePEc:igg:jbir00:v:12:y:2021:i:1:p:82-97
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    References listed on IDEAS

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    1. Lagazio, Monica & Sherif, Nazneen & Cushman, Mike, 2014. "A multi-level approach to understanding the impact of cyber crime on the financial sector," LSE Research Online Documents on Economics 57000, London School of Economics and Political Science, LSE Library.
    2. Marcel Bogers & Ann-Kristin Zobel & Allan Afuah & Esteve Almirall & Sabine Brunswicker & Linus Dahlander & Lars Frederiksen & Annabelle Gawer & Marc Gruber & Stefan Haefliger & John Hagedoorn & Dennis, 2017. "The open innovation research landscape: established perspectives and emerging themes across different levels of analysis," Industry and Innovation, Taylor & Francis Journals, vol. 24(1), pages 8-40, January.
    3. Nilaykumar Kiran SANGANI & Balakrishnan VIJAYAKUMAR, 2012. "Cyber Security Scenarios and Control for Small and Medium Enterprises," Informatica Economica, Academy of Economic Studies - Bucharest, Romania, vol. 16(2), pages 58-71.
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    1. Mohammad Ashraful Ferdous Chowdhury & Mohammad Abdullah & Nurun Nowshin Chowdhury Nazia & Debarshi Roy, 2023. "The nonlinear and threshold effects of IT investment on the banking sector of Bangladesh," Economic Change and Restructuring, Springer, vol. 56(6), pages 4253-4283, December.

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