Cybercrime Resilience in the Era of Advanced Technologies: Evidence from the Financial Sector of a Developing Country

Abstract

Technological advancements have helped all sectors to evolve. This advancement has widened the cyberspace and attack surface, which has led to a drastic increase in cyberattacks. Cybersecurity solutions have also evolved. The advancement is relatively slower in developing countries. However, the financial sector in developing countries has shown resistance to cyberattacks. This paper investigates the reasons for this resistance. Despite using legacy systems, the banking sector in Pakistan has demonstrated resistance to cyberattacks. The research used a qualitative approach. Semi-structured interviews were conducted with nine cybersecurity experts in the banking sector to illustrate the reasons for this cybersecurity resistance. The research focused on cybersecurity experts in the banking sector, recognizing that this industry is particularly prone to cyberattacks on a global scale. The study utilised a thematic analysis technique to find resistance factors. The analysis suggests that the opportunity cost of cyberattacks and lower attack surface in developing countries like Pakistan are the main reasons for the lower financial losses. The findings of this research will encourage the adoption of advanced technologies such as artificial intelligence (AI) and machine learning (ML) for cybersecurity in developing countries’ banking and financial sectors.