ANALYSIS ON CYBER RISK EXPOSURES AND AN EVALUATION OF THE ELEMENTS THAT GO INTO BEING READY TO DEAL WITH CYBER THREATS
Keywords:
Cyber Risk, Cyber Security, Assessment, Risk ExposuresAbstract
In today's world, which is getting closer to a cashless and paperless economy, digitization is the key to success for any organization or business. The risk of cyberattacks has been growing and is significantly higher than the risk that is thought to be associated with cyberspace. Even though efforts have been made to encourage digitalization, cyber risk has been overlooked. It has taken several days and months for certain establishments to recover from the destabilizing effects of cyberattacks, which are causing widespread concern around the world. In other instances, cyberattacks have caused certain enterprises to become unstable. in addition to the other operational challenges, the recovery period was accompanied by a financial liability and a loss of market share. Through the identification of the role that awareness of cyber risks, experience with cyber risks, attitude towards cyber risks, and the online behavior of respondents play in determining an individual's preparedness to deal with cyber risks, this research has focused on determining the factors that determine an individual's preparedness to deal with cyber risks. Following the administration of a structured questionnaire to 385 respondents, the researcher coded and modified the data acquired to conduct further analysis. The researcher has utilized ANOVA, t-test, and Regression to bring forth the framework of the study. The data that was collected was subjected to Univariate, Bivariate, and Multi-Variate Analysis before being analyzed. The findings suggest that there is a correlation between an individual's online behavior and their awareness of the risks associated with cyberspace, which ultimately results in preparation to deal with cyber risks. To improve one's readiness to deal with cyber threats the findings will be an important input that may be utilized by an individual.
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