| Abstract [eng] |
87 pages, 14 tables, 15 pictures, 97 references. As companies become increasingly dependent on digital information, so do cyber risks. Cyber incidents could have a negative impact on the organization's performance. The main purpose of this master thesis is to determine the impact of cyber risk management on companies’ performance results. The work consists of three main parts: the analysis of literature, the research methodology and research results analysis. Conclusions and recommendations based on research findings are presented at the end of the work. Literature analysis includes cyber risk definition, the classification of cyber incidents, the concept of cyber security and its main components. Factors which affect cyber security readiness of organization are presented as well as the importance of cyber risk management for company financial and non-financial performance results. Literature analysis part is concluded with the clarification of the sectors most affected by cyber-attacks and description of Fintech sector in Lithuania. After the literature analysis the author presents research methodology. Since the Fintech sector is one of the most affected by cyber-attacks, Fintech companies were selected as research units. The main purpose of the quantitative survey questionnaire was to define the factors which affect cyber security readiness of organization and to find out the influence of the cyber security on the performance results the Fintech sector companies in Lithuania. Representatives of Fintech companies operating in Lithuania were requested to rate research statements using Likert scale. The results of the research were statistically processed with the SPSS program. In order to establish a correlation between cyber security factors and cyber security readiness of organization as well as between cyber security effectiveness and organization performance results Pearson’s and Spearman‘s correlation coefficients were used. Furthermore, regression analysis to test the research hypotheses was applied. The performed research revealed that direct relationship between all research constructs exists. Besides, organization culture and employees’ skills are the main factors which impact the organizations capability to combat cyber-attacks attacks. Moreover, based on research results cyber security readiness significantly influences organizational cyber security performance which have the impact on financial and non-financial performance results in the Fintech companies operating in Lithuania. The conclusions and recommendations summarize the main concepts of literature analysis as well as the results of the performed research. The author believes that the results of the study could give useful advice to the companies how to strengthen cyber risk management factors that would contribute to the improvement of company security and its performance results. |
