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

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

Received on 28 March 2024; revised on 07 May 2024; accepted on 10 May 2024 | Ngozi Samuel Uzougbo, Chinonso Gladys Ikegwu, Adefolake Olachi Adewusi
This paper conducts a comparative analysis of global standards and regulations governing cybersecurity compliance in financial institutions. The study examines the regulatory frameworks of key jurisdictions, including the United States, the European Union, and Asia-Pacific countries, to identify common trends, differences, and best practices. The analysis highlights the increasing convergence of global cybersecurity standards, driven by the interconnected nature of the financial sector and the need for harmonized regulatory approaches. Despite this convergence, significant differences remain in areas such as data protection and breach notification. The study also addresses the challenges faced by financial institutions in achieving cybersecurity compliance, including resource constraints, evolving cyber threats, and the complexity of regulatory requirements. It emphasizes the importance of implementing robust cybersecurity measures, such as encryption, multi-factor authentication, and regular security audits, to mitigate these challenges. The paper concludes by providing valuable insights into the global landscape of cybersecurity compliance in financial institutions, aiming to assist policymakers, regulators, and financial institutions in enhancing their cybersecurity posture and effectively addressing the evolving cyber threat landscape.This paper conducts a comparative analysis of global standards and regulations governing cybersecurity compliance in financial institutions. The study examines the regulatory frameworks of key jurisdictions, including the United States, the European Union, and Asia-Pacific countries, to identify common trends, differences, and best practices. The analysis highlights the increasing convergence of global cybersecurity standards, driven by the interconnected nature of the financial sector and the need for harmonized regulatory approaches. Despite this convergence, significant differences remain in areas such as data protection and breach notification. The study also addresses the challenges faced by financial institutions in achieving cybersecurity compliance, including resource constraints, evolving cyber threats, and the complexity of regulatory requirements. It emphasizes the importance of implementing robust cybersecurity measures, such as encryption, multi-factor authentication, and regular security audits, to mitigate these challenges. The paper concludes by providing valuable insights into the global landscape of cybersecurity compliance in financial institutions, aiming to assist policymakers, regulators, and financial institutions in enhancing their cybersecurity posture and effectively addressing the evolving cyber threat landscape.
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