Cybersecurity Strategies to Protect Information Systems in Small Financial Institutions

Cybersecurity Strategies to Protect Information Systems in Small Financial Institutions by Johnny Rawass MMI, University of Phoenix, 2007 BBA, Lebanese University, 1992 BBA, Lebanese University, 1990 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University August 2019 Abstract Leaders of financial institutions face challenges in protecting data because of the increased use of computer networks in the commerce and governance aspects of their businesses. The purpose of this single case study was to explore the strategies that leaders of a small financial institution used to protect information systems from cyber threats. The actor-network theory was the conceptual framework for this study. Data wereLeaders of financial institutions face challenges in protecting data because of the increased use of computer networks in the commerce and governance aspects of their businesses. The purpose of this single case study was to explore the strategies that leaders of a small financial institution used to protect information systems from cyber threats. The actor-network theory was the conceptual framework for this study. Data were collected through face-to-face, semistructured interviews with 5 leaders of a small financial institution in Qatar and a review of company documents relevant to information security, cybersecurity, and risk management. Using thematic analysis and Yin’s 5-step data analysis process, the 4 emergent key theme strategies were information security management, cybersecurity policy, risk management, and organizational strategy. The findings of this study indicate that leaders of financial institutions protect their information systems from cyber threats by effectively managing information security practices; developing robust cybersecurity policies; identifying, assessing, and mitigating cybersecurity risks; and implementing a holistic organizational strategy. The protection of information systems through reductions in cyber threats can improve organizational business practices. Leaders of financial institutions might use the findings of this study to affect positive social change by decreasing data breaches, safeguarding consumers’ confidential information, and reducing the risks and costs of consumer identity theft. Cybersecurity Strategies to Protect Information Systems in Small Financial Institutions by Johnny Rawass MMI, University of Phoenix, 2007 BBA, Lebanese University, 1992 BBA, Lebanese University, 1990 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University August 2019 Dedication I dedicate this study to a real role model, HH the Father Emir Sheikh Hamad Bin Khalifa Al-Thani, for his extreme loyalty and commitment to the Qatari community and for his wise and determined leadership in developing Qatar into a center of attraction for the entire world. HH, the former Emir of Qatar, demands the highest standards for the country’s stability, sustainable growth, and a secure economy. This dedication is a token of respect and appreciation for the useful international role played by Qatar under the guidance of HH Sheikh Hamad and for the Qatari people who provided excellent opportunities to many expatriates, such as me, to contribute in the cumbersome process of development of Qatar. I extend my gratitude and respect to HH the Emir Sheikh Tamim Bin Hamad Al-Thani, who is still leading Qatar under the same strategy set by the Father Emir and excelling in protecting the benefits of the state of Qatar and its stability and growing economy, protecting the human rights, and Qatar International positioning by his 2030 wise and promising vision. I dedicate this study to my family who motivated me to undertake multiple academic investigations and to share my research with technicians, business leaders, and members of the government to highlight the benefits of enhancing the security of information and cybersecurity protection. My primary concern was to offer a realistic and efficient business study that would provide a benefit to Qatar’s community and its operating companies, especially its financial institutions, as part of our gratitude to this generous and welcoming country. Acknowledgments I express gratitude to my wife May and children Joey, Jenny, and Charbel Rawass for their support during my absences when traveling to residencies and the long hours of studying and gathering the necessary information for the success of this study. I wish to show my appreciation for my committee chairperson, who always assisted me with every phase and contributed to the development of a valuable and credible study. I express my gratitude and appreciation to my professors, especially my chair Dr. Ronald Jones; my committee members, Dr. Greg Washington, Dr. Denise Land, Dr. Rollis Erickson, and Dr. Judith Blando; the entire Walden University support team; and Dr. Susan Davis, the doctoral program director of Walden University for their patience and guidance through the completed courses. I appreciate the high quality of teaching and academic professionalism shown by the instructors at Walden University in maintaining high educational standards. Finally, I express thanks to the mighty God for his blessings and for supplying me with the proper guidance and strength to follow this journey in my life and to achieve success.