Author(s)

La donna Delon

Nations School of Business and Management, Georgetown, Guyana.

This study investigates the cybersecurity challenges faced by commercial banks in India, particularly focusing on cyber risks associated with online banking services. Despite India’s high global cyberattack rate, there is a notable lack of awareness and national policies addressing these cybersecurity concerns. The research aims to identify the primary factors influencing the cybersecurity preparedness of Indian commercial banks at both institutional and national levels. Key objectives include examining the major cybersecurity threats, exploring leadership’s role in cybersecurity risk mitigation during the digital transition, and providing recommendations to enhance the cybersecurity framework and stakeholder awareness. A systematic review of secondary peer-reviewed articles published between 2014 and 2024 was conducted. The literature review covered various theories, including the System Theory model of cyber risk mitigation and transformational leadership. The study identified three major cyberattacks affecting the industry: Phishing, Denial of Service/Distributed Denial of Service (DoS/DDoS), and Ransomware. It also highlighted the critical role of transformational leadership in promoting cyber awareness and digital culture change. Strategies from other countries, such as robust regulation, intelligence sharing through public-private partnerships, and advanced technology investment, were discussed for potential adaptation in India. The study recommends implementing robust national regulations, capacity building for bank employees, and the System Theory model for risk management.

Cyber Security, Commercial Banks, Risk Awareness

Delon, L. (2024) Risk Management in Commercial Banking Institutions: An Examination of the Cybersecurity Challenges for Commercial Banks in India: Recommendations for Guyana’s Banking Sector. Journal of Financial Risk Management, 13, 549-575. doi: 10.4236/jfrm.2024.133026.