A STATISTICAL STUDY FOR CYBERSECURITY RISK MANAGEMENT IN FINANCIAL INSTITUTIONS IN ALBANIA

Abstract

With the rapid development of technology and the digitalization of financial services, financial institutions are becoming increasingly vulnerable to cyber threats, which can seriously damage both the credibility and accessibility of customers and financial institutions. Cybersecurity has become a key issue in operational risk management for banks and financial institutions, requiring a robust regulatory and policy framework to protect sensitive data and financial assets. The purpose of this article is to examine cybersecurity risk management in financial institutions, with an emphasis on identifying common threats that are directly related to human and organizational contributions, such as ransomware, phishing, and social engineering. In this context, this study focuses on the role of human factors and the impact of employee awareness in preventing cyber incidents, highlighting the importance of continuous training and a strong organizational security culture. This study aims to assess the effectiveness of cybersecurity risk management practices in Albanian banks and financial institutions through literature review and survey methodology. This study contributes to a better understanding of the role of cybersecurity in financial risk management and suggests important steps to strengthen security measures and increase employee awareness.