The assessment of cyber security's significance in the financial sector of Lithuania

Abstract

Constantly evolving high technologies provide new approaches to business development and deliver unknown business risks. Online financial services and operations are integral to everyday life, making cyber risk one of the most relevant risks for the financial sector's companies. As the survey conducted by the National Bank of Lithuania at the end of 2018 showed, the possibility of cyber threats and presumable effects on the financial system in Lithuania is one of the critical problems that should be prioritized. Therefore, it is essential to clarify what potential cyber threats in financial sector companies are considered the most significant and likely to occur. As well as identify how companies in the financial sector estimate their dispositions and preparedness for this cyber risk management and control. The findings of this research are significant for financial institutions as a tool to adopt their cyber risk management processes, increase preparedness and cyber security, and identify the possible threats to the organization.