The Impact of Investment in Cybersecurity Technology on the Reliability of Accounting Systems and the Effectiveness of Internal Control :A Field Study on Libyan Banks

Abstract

This study aimed to measure the impact of investing in cybersecurity technology on the effectiveness of internal control and the reliability of accounting systems in Libyan commercial banks. The study is contextualized within the accelerating digital transformation and its accompanying cyber threats that affect the integrity and reliability of accounting information. The research adopted a descriptive-analytical approach, utilizing a questionnaire as a data collection tool from a sample of specialized professional personnel, which included financial department managers, heads of accounting departments, information technology managers, and internal auditors. The data were processed using SPSS software. The study concluded that there is a statistically significant positive impact of investing in cybersecurity technology on the effectiveness of internal control. This impact was also proven regarding the qualitative characteristics of information and the reliability of banking accounting systems; consequently, the main null hypothesis and its two sub-hypotheses were rejected. Furthermore, the results revealed a disparity in opinions concerning the adequacy of budgets allocated for cybersecurity infrastructure, a relative weakness in adopting cyber risk management strategies in accordance with international standards (ISO 27001, NIST, COBIT), and a skills gap among some human resources. Accordingly, the study recommended establishing a mandatory governance framework for cyber expenditure that links it to international standards and periodic risk assessments. It also recommended setting a minimum threshold for cybersecurity budgets as a fixed percentage of the total information technology budget, shifting towards continuous auditing based on intelligent analysis for early fraud detection, and implementing sustainable cyber training programs across all functional levels.