Method of Quantitative Analysis of Cybersecurity Risks Focused on Data Security in Financial Institutions
Author
Abstract

In this paper, a quantitative analysis method is proposed to calculate the risks from cyber-attacks focused on the domain of data security in the financial sector. Cybersecurity risks have increased in organizations due to the process of digital transformation they are going through, reflecting in a notorious way in the financial sector, where a considerable percentage of the attacks carried out on the various industries are concentrated. In this sense, risk assessment becomes a critical point for their proper management and, in particular, for organizations to have a risk analysis method that allows them to make cost-effective decisions. The proposed method integrates a layered architecture, a list of attacks to be prioritized, and a loss taxonomy to streamline risk analysis over the data security domain including: encryption, masking, deletion, and resiliency. The layered architecture considers: presentation layer, business logic layer, and data management layer. The method was validated and tested by 6 financial companies in Lima, Peru. The preliminary results identified the applicability of the proposed method collected through surveys of experts from the 6 entities surveyed, obtaining 85.7\% who consider that the proposed three-layer architecture contains the assets considered critical.

Year of Publication
2022
Date Published
jun
Publisher
IEEE
Conference Location
Madrid, Spain
ISBN Number
978-989-33-3436-2
URL
https://ieeexplore.ieee.org/document/9820198/
DOI
10.23919/CISTI54924.2022.9820198
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