Cyber risk exposures and assessment of factors contributing to preparedness to handle cyber risks

Abstract

Digitization is the key to success for any organization in today s world which is moving closer to a cashless and paperless economy. While efforts have been initiated to promote digitization, cyber risk was over looked and the risk from cyber-attacks has been increasing and is much higher than the perceived risk of cyber. The world over is glaring at the alarming increase in cyber-attacks of all forms and in some cases have de-stabilized certain establishments and it has taken several days and months for it to rebound back. The recovery time brought with financial liability and loss of market share apart from the other operational issues. newlineThis research has focused on identifying the factors that determine an individual s preparedness to handle cyber risks by identifying the role of Awareness of cyber risks, Experience with Cyber risks, Attitude toward cyber risks and the online behavior of respondents to their preparedness to reduce the incidence of cyber risks. A structured questionnaire has been administered by the researcher to 385 respondents and the data collected has been coded and edited for further analysis. Univariate, Bivariate and Multi Variate Analysis has been carried out with the data collected and the researcher has used Anova, t-test and Regression to bring out the framework of the study. The results indicate that online behavior of an individual and their awareness regarding cyber risks, lead to preparedness to handle cyber risks. The findings will be an important input to enable an individual to enhance their preparedness to handle cyber risks. newline