Cybersecurity and Digital Transformation in Central Banks: A Study in Balancing Development Requirements and Risk Management

The financial world has witnessed fundamental transformations driven by technological development, which has produced the digital transformation in central banks. This is known as the inclusive financial process, which aims to restructure monetary and supervisory operations and policies, relying on advanced digital processes. However, this technological development faces cyber threats, which represent one of the most serious strategic challenges facing central banks in light of the increasing reliance on digital infrastructure. Therefore, central banks seek to find mechanisms to achieve a balance between the requirements of digital transformation and cybersecurity threats, as central banks seek to innovate and modernize without compromising the security, confidentiality, and reliability that represent the core of their work.