THE EFFECTIVENESS OF INTERNAL AUDIT FUNCTIONS IN MANAGING CYBERSECURITY IN MALAYSIA'S BANKING INSTITUTIONS

Abstract

This research aimed to explore the effectiveness of internal audit in managing cybersecurity in Malaysia’s Banking Institutions. This research examined three factors that would most likely affect the effectiveness of internal audit in managing cybersecurity in Malaysia’s Banking Institutions. Those factors are the awareness of internal auditors about cybersecurity, organizational policy on cybersecurity and organizational risk management on cybersecurity. This study employed survey questionnaire in getting the data from the internal auditors of the sampled banking institutions. A total of 120 questionnaires were gathered from seven commercial banks. Findings from this study showed that all the three identified factors have significant relationships with the effectiveness of internal audit in managing cybersecurity in Malaysia’s Banking Institutions. The findings from this study can be used by the relevant authorities and organizations in coming up with policies and procedures to manage cybersecurity better. Besides, this study would enrich the knowledge and literature on cybersecurity in Malaysia that is still lacking presently.