Title: Georgia’s Financial Institutions Brace for Cybercrime: Trends and Insights from a Recent Study

Introduction

Georgia’s financial institutions are facing an increasing threat from cybercrime. In response, a recent study aimed to forecast the information trends of the most common cyberattacks, focusing on the impact on internet security and financial institutions. This article provides an overview of the study, its findings, and the implications for financial institutions in Georgia.

Methodology

The study gathered data from Google Trends, focusing on search engine queries related to “Cyberattacks on the computer systems of a financial institution,” “Cyberattacks on the network infrastructure of a financial institution,” and “Cyberattacks on the cloud infrastructure of a financial institution” between April 2017 and October 2022.

The researchers applied various statistical methods, such as the Z-score, the QS test, and the method of differences of average levels, to analyze the data. Then, they employed exponential smoothing and built additive and multiplicative cyclical and trend-cyclical models to reduce fluctuations and clarify trends.

Findings: Cybercrime Trends and Their Impact on the US Financial System

The study revealed that cybercrime trends towards computer systems, network infrastructure, and cloud infrastructure were non-stationary with outliers and a seasonal component. The findings suggest that financial institutions in the US could be at risk for cyberattacks in the short and medium term.

To mitigate potential financial losses, Georgian financial institutions should consider implementing robust countermeasures in response to the evolving cybercrime threats.

Implications: Empowering Stakeholders in the Financial Sector

This study is crucial for stakeholders in the financial sector, including policymakers, regulators, financial professionals, and cybersecurity experts. The findings allow them to develop more effective strategies to address the ever-evolving cybercrime threats, enhancing the overall risk management of financial institutions in Georgia and beyond.

Conclusion

The study by Aleksandra Kuzior, Paulina Brożek, Olha Kuzmenko, Hanna Yarovenko, and Tetyana Vasilyeva provides valuable insights into the trends of cyberattacks targeting financial institutions. Their research empowers stakeholders to take action against cybercrime and safeguard their organizations.

References

Kuzior, A., Brożek, P., Kuzmenko, O., Yarovenko, H., & Vasilyeva, T. (2022). Georgia’s Financial Institutions Brace for Cybercrime: Trends and Insights from a Recent Study. Journal of Risk and Financial Management, 15(12), 613. Available at: https://doi.org/10.3390/jrfm15120613