ISITC Europe Supports Innovative Cybersecurity Research

Home » Blogs » ISITC Europe Supports Innovative Cybersecurity Research

ISITC Europe Supports Innovative Cybersecurity Research

Posted on

cybersecurity research

ISITC Europe is backing an innovative research project focused on cybersecurity. This initiative is led by key academics including Dr Desmond Laffey from Kent Business School, Dr Tony Gandy from ISITC Europe, and myself, Professor Daniel Broby from Ulster Business School.

By adapting well-established credit rating methodologies used in finance, we intend to create a cybersecurity risk rating equivalent. The proposed rating will draw on interdisciplinary insights from finance and information systems. We aim to make cybersecurity protection levels more transparent for consumers. Currently, cyber risk evaluations are sophisticated, but conducted on a bank-by-bank basis. This does not help consumers or regulators compare risks across different financial institutions.

Our plan is to conduct an agile, interview-based investigation to develop the approach, for use by regulators. The aim is to provide a cross-sectional overview of banking cyber risks, offering regulators an external measure of cybersecurity threats. The ultimate goal is to enable industry-wide comparisons of these risks.

Our research, contingent on funding, will begin with an agile phase consisting of feasibility interviews. These interviews will help us design a rating methodology that complements the widely employed management tool, the “risk matrix.” During these interviews, we will determine the extent to which information can be publicly assessed.

The findings from these interviews will contribute to a more integrated and comprehensive approach to assessing and managing cybersecurity risks. This will provide valuable insights for practitioners and decision-makers. ISITC Europe hopes that the proposed solution will eventually be adopted by regulators, primarily the Financial Conduct Authority.

I am delighted that this effort will be supported by the ISITC Europe and its Cybersecurity Forum. The latter was established to examine and discusses the ongoing risks from the evolving landscape of cybersecurity and cybercrime. The research supports the mission of the Forum, focused as it is on how members are addressing both internal and external threat levels.

Through this proposed innovative research, ISITC Europe is continuing to help its members navigate the complexities of cybersecurity, ensuring they are better prepared for any eventuality.

Author: Professor Daniel Bropy