Identifying Critical Cybersecurity Threats Impacting Financial Stability in Investment Firms: A Qualitative Risk Management Perspective

Abstract

Investment organizations now face greater cybersecurity risks as financial services become increasingly digitalized. Wherein the high-value transactions, sensitive client data, third-party platforms, and real-time operational systems are closely interconnected. The opinions of investment firm specialists on which specific risks pose the greatest threat to financial stability have not received as much attention as cyber risk, even though cyber risk has been thoroughly investigated using technological and quantitative approaches. This study used a qualitative case study to address the following research question: Which cybersecurity threats have the greatest impact on the financial stability of investment businesses? Semi-structured interviews with seven professionals in investment company settings were analyzed using thematic analysis informed by the Technology Acceptance Model, Risk Management Theory, and Contingency Theory. The findings demonstrate that the most serious threats are phishing, social engineering, third-party vendor risks, and the development of external threat vectors, as they have the potential to interfere with business operations, jeopardize data integrity, impair regulatory compliance, and erode investor confidence. The report argues that investment firms should view cybersecurity as a fundamental financial stability concern rather than a strictly technical function, and offers qualitative, theory-driven insights into cybersecurity threat prioritization.