An analysis of the preparedness against cyber risk amongst financial entities in Malta

Abstract

The development of technology has led to a dependency on information and communications technologies on both commercial and individual users. Due to this, cyber risk is now a huge concern to commercial entities all over the globe. This study explores the preparedness of cyber risk within the Maltese financial sector and identifies what factors they have in place and to what degree. An online questionnaire was created for the objective of this study and was administered to the financial sector on the Maltese Islands which include entities that adhere to Malta Financial Services Authority regulations. The obtained data were then subjected to statistical analysis. The main findings indicate that all financial entities in Malta implement factors that contribute to the preparedness of cyber risk. However, bank institutions are more fully equipped than other entities. Moreover, employees who are in a higher position are more knowledgeable regarding cyber risk than other employees in lower positions.