This thesis explores ways in which the financial sectors of small states are able todefend themselves against ever-growing cyber threats, as well as ways these states can improve their cyber defense capability in order to withstand current andfuture attacks. To date, the context of small states in general is understudied. This study presents the challenges faced by financial sectors in small states with regard to withstanding cyberattacks. This study applies a mixed method approach through the use of various surveys, brainstorming sessions with financial sector focus groups, interviews with critical infrastructure stakeholders, a literature review, a comparative analysis of secondary data and a theoretical narrative review. The findings suggest that, for the Aruban financial sector, compliance is important, as with minimal drivers, precautionary behavior is significant. Countermeasures of formal, informal, and technical controls need to be in place. This study indicates the view that defending a small state such as Aruba is challenging, yet enough economic indicators indicate it not being outside the realm of possibility. On a theoretical level, this thesis proposes a conceptual “whole-of-cyber” model inspired by military science and the VSM (Viable Systems Model). The concept of fighting power components and governance S4 function form cyber defensive capacity’s shield and capability. The “whole-of-cyber” approach may be a good way to compensate for the lack of resources of small states. Collaboration may be an only out, as the fastest-growing need will be for advanced IT skillsets
