Citation

Gyamfi, Bright Akwasi and Arhinful, Richard and Mensah, Leviticus (2026) Financial technology adoption and its influence on the cybersecurity performance of financial institutions listed on the Tokyo Stock Exchange. Computers & Security, 171. p. 105127. ISSN 0167-4048

Text 1-s2.0-S0167404826003032-main.pdf - Published Version Restricted to Repository staff only Download (762kB)

Abstract

Financial technology (FinTech) increases digital exposure and cyber risks through interconnected platforms, but it can also improve cybersecurity by enhancing risk detection, strengthening data protection, and supporting more secure financial transactions. These improvements enhance institutional resilience to cyber threats, increase operational reliability, and build stakeholder confidence. However, limited research has examined the effect of FinTech adoption on cybersecurity performance and the moderating roles of board technological expertise and human ICT intensity. This study fills these gaps by utilizing the Resource-Based View (RBV) and analyzing panel data from 234 financial firms listed on the Tokyo Stock Exchange from 2015 to 2024, sourced from the Bloomberg database. To ensure robust and unbiased results, the analysis employed advanced econometric techniques, including the Feasible Generalized Least Squares (FGLS), Common Correlated Effects Mean Group (CCEMG), and two-step difference Generalized Method of Moments (GMM) estimators. The findings indicate that although FinTech adoption increases digital exposure and cyber risks, its capability-building benefits through advanced security systems, automated monitoring, and improved risk management outweigh these vulnerabilities, thereby enhancing cybersecurity performance among financial institutions in Japan. In addition, board technological expertise and human ICT intensity strengthen the relationship between FinTech adoption and cybersecurity performance. These findings highlight the need for financial institutions to invest in digital infrastructure and cybersecurity capabilities and for policymakers to create regulatory environments that support technological innovation and reinforce protection against cyberattacks.

Item Type:	Article
Uncontrolled Keywords:	Cybersecurity performance, Digital infrastructure, Financial technology, Financial institutions, Tokyo stock exchange
Subjects:	H Social Sciences > HG Finance > HG4501-6051 Investment, capital formation, speculation > HG4551-4598 Stock exchanges
Divisions:	Faculty of Management (FOM)
Depositing User:	Ms Suzilawati Abu Samah
Date Deposited:	03 Sep 2026 06:40
Last Modified:	03 Sep 2026 06:40
URII:	http://shdl.mmu.edu.my/id/eprint/16623

Downloads

Edit (login required)