A Multi-Stage Framework for Examining the Internal Activity and Refinement of the Cybersecurity Risk Mitigation System in Financial-Banking Environments

The rapid digitalization of financial banking services has increased the need for effective cybersecurity risk mitigation as institutions rely on interconnected digital infrastructures. Understanding how technological, organizational, and human-related factors interact is important for supporting cybersecurity planning and risk management. This study examines the internal structure of cybersecurity risk mitigation in financial banking systems through a framework that combines bibliometric analysis, the Decision Making Trial and Evaluation Laboratory (DEMATEL) method, and the Matrix Impact Cross-reference Multiplication Applied to Classification (MICMAC) technique. The bibliometric analysis identified the factors most frequently associated with cybersecurity risk mitigation in scientific publications indexed in the Web of Science Core Collection. These factors were subsequently evaluated by a panel of IT and cybersecurity experts from the banking sector. DEMATEL was applied to examine the influence relationships among the identified factors, and MICMAC was used to refine the system by classifying the factors according to their driving and dependence power. The analysis provides a structured representation of the cybersecurity risk mitigation system and clarifies the role of each factor within the overall structure. The proposed framework may support managers, cybersecurity specialists and decision makers in cybersecurity planning, resource allocation, and strategic decision making within financial institutions.