THE ANALYSIS OF CYBERSECURITY PROBLEMS IN FINANCIAL SERVICES SECTOR
Authors: Oksana Kovalchuk, Diana Popova
Affiliation: Sokhumi State University, Georgian Technical University
Category:
Keywords: cybersecurity problems, financial sector, regulations, cyber threats
ABSTRACT. The concentration of money, bank-centricity of the financial market, a vast range of
online services, and a significant customer base make banks and other financial institutions an alluring
target for cybercriminals, leading to a sophisticated form of fraud. This intellectualized form of fraud
reduces trust in financial institutions, decreases resources in the economy, and negatively impacts the
country's financial and economic security, along with its image as a trustworthy financial partner in
integration processes. The international regulatory community recognizes the importance of finding
solutions to combat cybercrime and safeguard the rights of consumers of financial services, and they
prioritize these issues as critical scientific challenges.
The financial services sector is a prime target for cyber-attacks and is heavily regulated across the globe.
Financial services organizations face a constant barrage of intrusion attempts and other attacks, and
they often struggle to transition from a reactive to a proactive cybersecurity posture. Achieving this goal
is complicated by the ever-increasing number of attack avenues that arise due to the use of new
technologies as part of digital innovation initiatives. Along with this complexity, there is a growing
need to comply with regulations regarding the use of financial and personal data.
Analyzing cyber threats and addressing issues related to financial organizations' activities is an
extremely relevant topic. This article aims to examine the primary cyber problems faced by the financial
sector while also providing recommendations for financial institutions to help mitigate these challenges.
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