Cybersecurity as a Part of Operational Risk Management

Abstract

In today's environment, operational risk management is a key component of organizational risk management. Given the potential impact of risks on business operations, effective management is an essential part of an organization's development strategy. With the rapid advancement of information technology and the digitalization of businesses, the need for robust cybersecurity systems is becoming increasingly apparent. Achieving a balance between adapting to the digital world and effectively managing cybersecurity is crucial for maintaining competitiveness and customer trust. Additionally, cyber threats can result in not only financial losses but also heightened reputational and compliance risks, as organizations must adhere to various regulatory requirements. It is also important to note that cyber risks are interconnected with business processes and infrastructure, integrating into the broader operational risk management framework. DOI: https://doi.org/10.53486/dri2024.19; UDC: 004.056:[005.5:005.334]; JEL: G32