Toward 'Cyber-Finance’ Cyber Risk Management Frameworks of Practice: Bridging Networks, Systems, and, Controls Frameworks

The Journal of Operational Risk, March 2018, Forthcoming

Posted: 19 Jun 2017 Last revised: 3 Dec 2017

See all articles by Yogesh Malhotra

Yogesh Malhotra

Global Risk Management Network, LLC

Date Written: April 13, 2017

Abstract

Applied Cybersecurity practices in the US private and public industry are transitioning to an overall focus on Cyber Risk Management. It is hence necessary to align IT-Cybersecurity professional association application standards and related educational curricula with emerging applications in practice. Current standards and educational curricula seem fragmented across Networks Protocols and Network Analysis Tools Frameworks, Systems and Networks Infrastructure Frameworks, and, Risk Management & Controls Policy Frameworks. This article develops an applied framework for aligning, integrating, and, streamlining standards and curricula across the above three levels to align them with needs of applied Risk Management practice. The Cyber Risk Management framework is developed with focus on VoIP networks which have been gaining central prominence across diverse industries such as global Banking and Finance over the past decade. Despite central role technologically and economically, sparse attention has been given to critical vulnerabilities described as the ‘weakest links’ in global Banking and Finance networks as evident from Cybersecurity and Penetration Testing. This article demonstrates the contribution of the proposed Cyber Risk Management framework in addressing such critical gaps in global Banking and Finance Cybersecurity and Information Assurance practices as an example while being extendable to multiple other industries such as Healthcare.

Related Conference Presentation: Toward Integrated Enterprise Risk Management, Model Risk Management & Cyber-Finance Risk Management: Bridging Networks, Systems and Controls Frameworks. Presented at: 2015 NY Cyber Security & Engineering Technology Association Conference, Oct. 22, 2015, Rochester Institute of Technology, Rosica Hall, NTID, Rochester, New York. (http://ssrn.com/abstract=2792629).

Related Accepted Conference Paper: Bridging Networks, Systems and Controls Frameworks for Cybersecurity Curricula & Standards Development, 2015 NY Cyber Security & Engineering Technology Association Conference, Oct. 22, 2015 Rochester Institute of Technology, Rosica Hall, NTID, Rochester, New York. (http://ssrn.com/abstract=2792636).

Keywords: Cyber Risk Management, Cybersecurity & Penetration Testing, Computer Science Curricula, Professional Standards of Practice, Networks Protocols & Network Analysis, Systems & Networks Infrastructure, Risk Management & Controls Policy, Innovative design and development Practices

Suggested Citation

Malhotra, Yogesh, Toward 'Cyber-Finance’ Cyber Risk Management Frameworks of Practice: Bridging Networks, Systems, and, Controls Frameworks (April 13, 2017). The Journal of Operational Risk, March 2018, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2988154

Yogesh Malhotra (Contact Author)

Global Risk Management Network, LLC ( email )

Griffiss Air Force Base
Griffiss Business & Technology Park
Rome, NY 13441-1155
United States
+1-646-770-7993 (Phone)

HOME PAGE: http://YogeshMalhotra.com/

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