This study investigates the relationship between cyber risks and dividend policy, as well as how boards, as a governance mechanism, affect the dividend policy under cyber risk. This study collected firm-level financing, corporate governance, and control variables from the Bloomberg database...

The threat of phishing scams is rising, with increasingly deceptive techniques targeting social media platforms such as Instagram. Many users remain unaware of these risks, leaving them vulnerable. However, little research explores the impact of phishing education on social media, particularly...

Digitalisation of health services brings many benefits to patients, including electronic health records, telemedicine, and AI-driven diagnostics. However, healthcare is one of the most targeted sectors by cyber and ransomware attacks. To better protect its healthcare systems and create a safer...

Digitalisation of health services brings many benefits to patients, including electronic health records, telemedicine, and AI-driven diagnostics. However, healthcare is one of the most targeted sectors by cyber and ransomware attacks. To better protect its healthcare systems and create a safer...

We examine how cybercrime impacts victims' risk-taking and returns. The results from our difference-in-differences analysis of a sample of victim and matched non-victim investors on the Ethereum blockchain are in line with prospect theory and suggests that victims increase their long-term total...

This technical note and manual (TNM) draws lessons from cybersecurity surveys conducted by the Monetary and Capital Markets Department (MCM) to provide advice to central banks, supervisory authorities and policy makers seeking to strengthen cybersecurity of their financial sectors. The TNM...

In today's fast-paced digital landscape, the importance of human factors in cybersecurity has become increasingly evident yet is often overlooked. This research employs the Delphi method to achieve expert consensus on the managerial actions that enhance cybersecurity by leveraging human factors....

The proliferation of cryptocurrency throughout society has led to widespread usage within criminal offending. Despite this, limited research has investigated fear of cryptocurrency-based victimization, or the role that financial or cryptocurrency literacy play in influencing such fears. This...

Cyber violence against women has been rising at alarming rates in recent decades. Such acts not only harm women as individuals but have severe detrimental effects on society and the economy at large. This Brief analyzes laws from 190 economies to assess the extent and coverage of current...

Blockchain is an innovative solution for many supply chain (SC) issues. This study presents empirical and theoretical evidence to address the following research question: How can blockchain impact the information flow in SCs to enhance cyber resilience? The practice-based view provides...

State-sponsored cyber attacks are increasingly attracting attention in the literature, with many analysts interested in the firm-level economic implications of these attacks. Nevertheless, the bulk of these studies focus on firms directly targeted in the attacks. In this paper, I examine the...

The extraction of cyber threat intelligence (CTI) from open sources is a rapidly expanding defensive strategy that enhances the resilience of both Information Technology (IT) and Operational Technology (OT) environments against large-scale cyber-attacks. However, for most organizations,...

Cyber threat detection is a critical challenge in cybersecurity, with numerous existing solutions relying on rule-based systems, supervised learning models, and entropy-based anomaly detection. However, rule-based methods are often limited by their dependence on predefined signatures, making...

Generative artificial intelligence (GenAI) refers to machines that can create new ideas and generate outputs similar to human cognition. This technology has ushered in a new era, offering remarkable learning capabilities and producing unique results. In this paper, we explore the role of GenAI...

The digitisation of seaports has brought about a significant improvement in efficiency, productivity, and communication within the maritime industry. However, the increasing reliance on technology exposes seaports to cyber threats, constituting significant risk to the economy and national...

As governments across the world increasingly undergo digitalisation processes, ensuring cybersecurity of these provisions cannot be 100% guaranteed. How, then, can governments best respond to a cybersecurity crisis in order to bolster cybersecurity in the future? Even Estonia, one of the...

As the incidences of traditional crime rates have begun to decline, there has been a surge and shift in the kinds of criminal activities perpetuated by individuals. The recent shift in criminal activities includes organized crime, white-collar crime, and cybercrime.The increased use and access...

Authoritarian states are increasingly leveraging non-state cyber capabilities to expand their operational reach, thereby challenging conventional distinctions between state and non-state activity. This practice complicates attribution and presents obstacles for coordinated international...

The rapid advancement of artificial intelligence (AI) relies on a complex supply chain comprising five key layers: hardware, cloud infrastructure, training data, foundation models and AI applications. This paper examines the market structure of each layer and highlights the economic forces...

Quantum computers may in the future break today's widely used encryption. This paper provides a framework to support the financial system in the transition to quantum-safe cryptographic infrastructures. It emphasises the need to start the transition today – with broad awareness and...

This article provides an overview of the current state-of-the-art in cyber risk and cyber risk management, focusing on the mathematical models that have been created to help with risk quantification and insurance pricing. We discuss the main ways that cyber risk is measured, starting with...

Technology-focused Third-Party Service Providers (TPSPs) have become important players in the operations of financial institutions and the financial markets. This paper summarizes microand macro-prudential regulatory frameworks in place to address risks that TPSPs pose to the financial system....

We demonstrate how computer-based simulations could support cyber stress testing exercises through a three-step framework. First, cyber-attack scenarios are designed to target the systemic nodes of a payment network at different times, disrupting a major bank, critical service provider,...

In this handbook, we define a cyber stress test as 'a targeted assessment of the resilience of individual organisations and their ability to withstand and recover from significant cybersecurity incidents, ensuring the provision of critical services, in different risk scenarios.' Stress tests...

Policy makers, risk managers and information security practitioners need up to date and accurate information on the current threat landscape, supported by situational awareness and threat analysis. The EU Agency for Cybersecurity (ENISA) Cyber Threat Landscape (CTL) reports have been published...

The NIS360 is a new ENISA product that assesses the maturity and criticality of sectors of high criticality under the NIS2 Directive, providing both a comparative overview and a more in-depth analysis of each sector. The NIS360 is designed to assist Member States and national authorities in...

Japan's financial system is digitalizing rapidly, increasing exposure to cyber risk. As in other jurisdictions, the pace of digitalization in Japan has increased substantially, but cyber incidents have also surged in recent years. The tight interdependencies within its financial system, and...

The health and medicine sector are increasingly digitized, a trend that will accelerate with more widespread adoption of artificial intelligence, wearables and internet of things-based healthcare. Yet, this digital transformation carries notable cybersecurity threats. While there is ample...

As a continuation of the ENISA report Cybersecurity Education Initiatives in the EU Member States, ENISA aims to understand the maturity of cybersecurity in primary and secondary education in each MS to further allow the creation of specific material to support cybersecurity education according...

The increasing number of cyberattacks affecting digital products, coupled with widespread vulnerabilities and insufficient timely security updates, creates heavy financial burdens on society. In response, the European Commission has drafted the Cyber Resilience Act (CRA), a new proposal for...

Taking into account the main third-party cybersecurity assessments methodologies for ICT products and cloud services as well as the number of assessment bodies, the report presents the current state of play of cybersecurity assessments based on the past 5 years data. This study aims at analysing...