Abstract

The increasing dependence of companies, both public and private, on Web technologies and networks for their financial management systems has increased their exposure to cyber attacks, which is one of the main risks that companies must control. The goals of these attacks are multiple, as they may be aimed at stealing or destroying financial assets or... Theft of intellectual property or other critical information Boards of directors are also not adequately prepared to address cybersecurity risks due to lack of IT expertise. The aim of the research is to identify cybersecurity risks and ways to confront them, and to study and enhance corporate governance mechanisms as a means of addressing cybersecurity risks. To achieve the goal and hypothesis of the study, the field study will be conducted on a sample of credit management, customer service management, information technology management, and risk management officials for a sample of banks listed on the market. Iraq Securities and the research reached a set of conclusions, the most important of which is: The development occurring in cyber risks motivates financial organizations, especially commercial banks, to continuously and intensively research towards taking preventive measures against those risks through regulations that make those procedures more clear to the boards of directors of those banks, which It supports its financial stability.
The study recommended that banks appoint technology experts, establish technology committees at the board level and delegate responsibilities to the audit committee as a means of managing cybersecurity risks and understanding the current and future role of governance mechanisms in managing cybersecurity risks.