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Title: A case study on cyber risk in financial institutions on the Maltese islands and its reputation
Authors: Grech, Janice (2021)
Keywords: Financial institutions -- Malta
Computer crimes -- Malta
Computer security -- Malta
Corporate image -- Malta
Risk management -- Malta
Issue Date: 2021
Citation: Grech, J. (2021). A case study on cyber risk in financial institutions on the Maltese islands and its reputation (Master's dissertation).
Abstract: The evolution of technology over the years has led to an increase in cybercrime. The behaviour of cybercriminals has also evolved as they have become more equipped to explore new methods, able to attack companies in mysterious ways. This in turn led to a rise in the number of cybercrime victims, with financial institutions ending up as victims due to them being highly exposed to said cyber risks. One attack could cause drastic damage to any institution’s reputation as cyber-attacks inevitably are susceptible to the erosion of customers’ trust, which would in turn cause a loss of revenue and profits. Nowadays, reputational damage is also considered as one of the top risks due to an acceleration in the power of social media and the rate at which news can be broadcasted worldwide. This study explores cyber risk within the financial industry on the Maltese Islands and its reputation. Such research is focused on cybercrime within the insurance and banking sector in Malta, taking into consideration people’s perception on reputation should a cyber-attack occurs. In order to reach the aim of this study, insurance companies and a particular bank are contacted for an interview to provide the researcher with an overview of how cyber risk and reputation risk are managed and mitigated within. In addition, the author carried out a self-administered questionnaire to assist in the data collection for this study. Findings show that both insurance companies and the bank list cyber risk as one of the main risks to their systems, requiring them to take several measures to monitor and mitigate against potential attacks. Similarly, financial institutions consider reputational risk as another significant risk since it can seriously affect the brand image of a company. During the COVID-19 pandemic, entities had to adapt to a new reality with serious concerns raised on the increase of cyber-attacks. With respect to financial institutions customers’ perception, it resulted that customers are concerned, yet they are unsure whether a cyber-attack will take place or otherwise. Having said that, it also resulted that people are undecisive as to whether they will stay loyal to a financial institution should such firm experience a cyber-attack.
Description: M.A.(Melit.)
Appears in Collections:Dissertations - FacEma - 2021
Dissertations - FacEMAIns - 2021

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