A Model for CybersecurityRisk Management in Digital Transformation (Case Study: An Iranian Bank)

Digital banking is a type of banking based on which the traditional banking business model is transformed. In other words, all products, services, value streams, processes, infrastructures and resources will be redesigned and reengineered based on emerging technologies and based on platform and ecosystem thinking. Today, digital banking is not an opportunity, but a requirement for banks, and if this fact is not accepted, the bank will be practically removed from the competitive market. Due to the expansion of customers' use of the digital banking platform, banking crimes have changed from the traditional field to digital crimes and frauds, which has led to the formation of a new issue of risk in the digital banking industry, called cybersecurity risk. Currently, cybersecurity is considered one of the vital components in banks' risk management, because the lack of proper management of cyber threats causes a wide range of vital damages to organizations, their customers and at the macroeconomic level of a society. Therefore, in this research, we decided to provide a customized model for managing cybersecurity risks in digital banking. The main goal of this research is to identify factors and indicators that are effective in managing cybersecurity risks in the digital banking industry. For this purpose, with a descriptive method based on library studies, we extracted the influential components and indicators and hypotheses of the research, and then with a case study approach and with the help of experts in the field of cybersecurity in one of the largest domestic banks, we examined the model and hypotheses. The main approach used in this research to analyze data and extracted information is the structural equation method. Finally, out of 20 extracted hypotheses, 13 hypotheses were confirmed and their results were presented