Strategic Integration of Cybersecurity into Enterprise Risk Management for the Banking and Financial Services Sector

As digital innovations reshape banking and financial services, the risks associated with cyber threats have become increasingly complex and interwoven with institutional operations. Traditional cybersecurity strategies, though technically robust, often function in isolation from enterprise-level risk oversight mechanisms. This disconnect has led to vulnerabilities that threaten financial stability, data integrity, and customer confidence. This paper presents a strategic model that aligns cybersecurity initiatives with Enterprise Risk Management (ERM) systems, ensuring a harmonised approach to risk governance. By analysing regulatory expectations, organisational structures, and operational dynamics, the research outlines an integrated pathway to embed cybersecurity into the enterprise risk ecosystem. The framework is designed to foster proactive decision-making, strengthen compliance, and enhance institutional resilience. Case illustrations from both global and Indian financial institutions are included to support practical implementation. The paper concludes that integration of cybersecurity into ERM is not only a best practice but a business imperative in the evolving digital economy.