Cyber risk management in the financial sector: An evaluation of current practices in modern scenarios

In an increasingly digitized world, the financial sector stands at the forefront of technological advancement and consequently, at heightened risk from cyber threats. The growing complexity of cyberattacks, coupled with the sector’s critical role in global economies, demands robust and adaptive cyber risk management strategies. This paper explores the current practices adopted by financial institutions to manage and mitigate cyber risks in modern scenarios. Drawing on recent studies, regulatory guidelines, and institutional case examples, the study identifies prevailing frameworks, tools, and approaches in cyber risk management. The objective is to highlight both strengths and gaps in existing practices, offering insights for strengthening cyber resilience in the financial industry. The findings aim to contribute to ongoing discussions on policy development, organizational preparedness, and the adoption of best practices for managing cyber risks in the evolving threat landscape.