The Role of External Auditing in Enhancing Cybersecurity Protocols in Libyan Banks

(A Field Study on Al-Waha Bank)

Abstract

This study aimed to shed light on the role of external auditing in enhancing cybersecurity protocols in commercial banks, with a specific focus on Al-Waha Bank as a case study. To achieve this goal, the study adopted the descriptive-analytical approach, using a questionnaire as the primary data collection tool. The questionnaire was distributed to a sample of employees in the auditing and IT departments, as well as department managers and heads of divisions at the bank’s general administration. A total of 33 statistically valid questionnaires were collected and analyzed using the Statistical Package for the Social Sciences (SPSS).
The results revealed an effective role of external auditing in strengthening cybersecurity rules in Libyan banks. External auditing was found to be significantly committed to evaluating cybersecurity policies and procedures, contributing to the identification of strengths and weaknesses and their relation to improving cybersecurity. Furthermore, the results highlighted key obstacles limiting the effectiveness of external auditing, including weak legislation, shortage of qualified personnel, and limited cooperation among relevant entities.
Based on these findings, the study recommended strengthening the independence of external auditing and enhancing its role in regularly reviewing cyber systems. It also recommended updating laws and regulations to include clear cybersecurity controls in the banking sector, providing training and capacity building for external auditors in modern cybersecurity fields, and adopting clear standards for evaluating the effectiveness of cybersecurity policies and procedures in audit reports.