The Assessment of Cyber Security’s Significance in the Financial Sector of Lithuania

Authors

  • Julija Gavenaite-Sirvydiene Department of Financial Engineering, Faculty of Business Management, Vilnius Gediminas Technical University, Sauletekio al. 11, 10223, Vilnius, Lithuania
  • Algita Miecinskiene Department of Financial Engineering, Faculty of Business Management, Vilnius Gediminas Technical University, Sauletekio al. 11, 10223, Vilnius, Lithuania

DOI:

https://doi.org/10.13052/jcsm2245-1439.1243

Keywords:

Cyber risk, Cyber Security, financial sector, risk management

Abstract

Constantly evolving high technologies provide new approaches to business development and deliver unknown business risks. Online financial services and operations are integral to everyday life, making cyber risk one of the most relevant risks for the financial sector’s companies. As the survey conducted by the National Bank of Lithuania at the end of 2018 showed, the possibility of cyber threats and presumable effects on the financial system in Lithuania is one of the critical problems that should be prioritized. Therefore, it is essential to clarify what potential cyber threats in financial sector companies are considered the most significant and likely to occur. As well as identify how companies in the financial sector estimate their dispositions and preparedness for this cyber risk management and control. The findings of this research are significant for financial institutions as a tool to adopt their cyber risk management processes, increase preparedness and cyber security, and identify the possible threats to the organization.

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Author Biographies

Julija Gavenaite-Sirvydiene, Department of Financial Engineering, Faculty of Business Management, Vilnius Gediminas Technical University, Sauletekio al. 11, 10223, Vilnius, Lithuania

Julija Gavenaite-Sirvydiene received a bachelor’s degree in financial economics and a master’s degree in business management. Currently a doctoral student at Vilnius Gediminas Technical University, in the economic engineering field. Generally, her research area includes insurance and reinsurance analyses, financial risks, and cyber security. The subject of a doctoral thesis is cyber security in the financial sector. The scientific activity that she has been participating in involves lecturing the financial risk management subject for bachelor students, participating in international conferences, and serving as an organizer of international scientific conferences. She is a member of Lithuania’s Young Researches Society and used to serve as a board member of this organization.

Algita Miecinskiene, Department of Financial Engineering, Faculty of Business Management, Vilnius Gediminas Technical University, Sauletekio al. 11, 10223, Vilnius, Lithuania

Algita Miecinskiene received a bachelor’s degree in civil engineering, a master’s degree in business, and philosophy of doctorate in economics from Vilnius Gediminas Technical University (VILNIUS TECH). She has been working as an Associate Professor at the Department of Financial Engineering since 2004 and as a head of the Financial engineering department since 2016, Faculty of Business Management, VILNIUS TECH. Her research areas include risk management, effective pricing, personal finance, and investments. She presents papers at conferences and is the author of more than 40 scientific publications and the author (co-author) of two textbooks. She has experience participating in international research, study projects, and international lecturing. She has been serving as a reviewer for highly respected journals.

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Published

2023-06-30

How to Cite

1.
Gavenaite-Sirvydiene J, Miecinskiene A. The Assessment of Cyber Security’s Significance in the Financial Sector of Lithuania. JCSANDM [Internet]. 2023 Jun. 30 [cited 2025 Feb. 15];12(04):497-518. Available from: https://journals.riverpublishers.com/index.php/JCSANDM/article/view/16319

Issue

2023: Vol 12 Iss 4

Section

Articles

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