Cybersecurity compliance in financial institutions: A comparative analysis of global standards and regulations

Ngozi Samuel Uzougbo 1, *, Chinonso Gladys Ikegwu 2 and Adefolake Olachi Adewusi 3  C

1 The Ohio State University, USA.
2 Independent Researcher, New York, USA.
3 Independent Researcher, Ohio, USA.
 
Review
International Journal of Science and Research Archive, 2024, 12(01), 533–548.
Article DOI: 10.30574/ijsra.2024.12.1.0802
 
Publication history: 
Received on 28 March 2024; revised on 07 May 2024; accepted on 10 May 2024
 
Abstract: 
Cybersecurity is a critical concern for financial institutions worldwide, given the increasing frequency and sophistication of cyberattacks. This paper conducts a comparative analysis of global standards and regulations governing cybersecurity compliance in financial institutions. By examining the regulatory frameworks of key jurisdictions, including the United States, the European Union, and Asia-Pacific countries, this study aims to identify common trends, differences, and best practices in cybersecurity compliance. The analysis begins by outlining the regulatory landscape for cybersecurity in financial institutions, highlighting the key objectives and principles underlying these regulations. It then compares the regulatory frameworks of different regions, focusing on areas such as data protection, incident response, and risk management. By examining the specific requirements and guidelines set forth by each jurisdiction, this study identifies the strengths and weaknesses of current cybersecurity regulations and offers recommendations for enhancing compliance and resilience. One of the key findings of this study is the increasing convergence of global cybersecurity standards, driven by the interconnected nature of the financial sector and the need for harmonized regulatory approaches. While differences in regulatory frameworks still exist, particularly in areas such as data protection and breach notification, there is a growing recognition of the need for international cooperation and information sharing to combat cyber threats effectively. The study also highlights the challenges faced by financial institutions in achieving cybersecurity compliance, including resource constraints, evolving cyber threats, and the complexity of regulatory requirements. It underscores the importance of implementing robust cybersecurity measures, such as encryption, multi-factor authentication, and regular security audits, to mitigate these challenges. In conclusion, this comparative analysis provides valuable insights into the global landscape of cybersecurity compliance in financial institutions. By identifying common trends and best practices, this study aims to assist policymakers, regulators, and financial institutions in enhancing their cybersecurity posture and effectively addressing the evolving cyber threat landscape.
 
Keywords: 
Cybersecurity; Financial Institutions; Global Standards; Regulations; Compliance
 
Full text article in PDF: 
 
Copyright information: 

Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0