The Role of Cybersecurity Governance in Enhancing the Accuracy of Financial Reporting: A Field Study in Libyan Commercial Banks

Abstract

In light of the rapid digital transformation and the growing cyber threats, Libyan commercial banks face a fundamental challenge: protecting their accounting information systems and ensuring the integrity of their financial data from breaches or manipulation. This directly impacts the accuracy and reliability of financial reports. This reality raises the question of the effectiveness of cybersecurity governance practices in mitigating cyber risks and enhancing the quality of financial outputs. Therefore, this research aims to analyze the impact of cybersecurity governance on enhancing the accuracy of financial reports in Libyan commercial banks. The research employed a descriptive-analytical approach, collecting data through a questionnaire distributed to a sample of commercial bank employees and then analyzing it using appropriate statistical methods. The research concluded that cybersecurity governance, in its various dimensions, has a statistically significant impact on enhancing the accuracy of financial reports. This demonstrates that implementing cybersecurity governance effectively contributes to improving and strengthening the accuracy of financial reports, highlighting the importance of having effective regulatory frameworks and oversight controls for managing cyber risks. The research recommends the need to adopt an integrated institutional framework for cybersecurity governance, which includes the establishment of specialized committees and the strengthening of oversight and regulatory policies, in order to support the reliability of financial information and raise the level of confidence in reports issued by banks.