Factors influencing the implementation of Information Security Risk Management related to the Information Technology field of Sri Lanka as a third-world country

Abstract

The field of information systems, technology, and online business administration has recently placed significant emphasis on the topics of cyber security and risk management. This study is to encourage the extensive use of information security risk management by IT organizations in Sri Lanka. The main aim of this study was to identify the impact of support of management, security awareness, training and availability of financial resources on the Implementation of Information Security Risk Management related to the IT field of Sri Lanka. This study was quantitative. A questionnaire was conducted with the use of 383 IT professionals related to IT firms in the Colombo District. The Correlation and Regression analysis were used as data analysis techniques. Information security risk management was statistically related to selected parameters, as shown by the Pearson correlation coefficients. A strong positive and significant (P-value < 0.05) correlation (0.641) in-between management support and (0.740) for training indicates that when information security risk management approaches were more heavily emphasized, management support was higher and training programs were more effective. There was a moderately favourable correlation between the availability of financial resources and information security risk management (0.614), suggesting that IT organizations with greater financial resources are more effectively implementing information security risk management practices. There was a positive and significant (0.340, P-value <0.05) relationship between security awareness and information security risk management practices. Therefore, this study suggested that due to the complexity of information security risk management, it is essential to improve cybersecurity resilience by using a holistic strategy that considers all pertinent organizational characteristics related to IT sector of Sri Lanka.