CYBER THREATS OF THE FINANCIAL SECTOR IN THE CONDITIONS OF WAR

Abstract

Within the global sector of cyber security, the two major areas that are constantly under attack are financial and governmental. The financial sector’s ongoing digital transformation and the post-pandemic increase in cloud reliance have caused the sector’s attack surface to grow exponentially, exposing organizations to increased cyber threats. Attacks include theft of sensitive customer data, fraud, phishing, malware distribution, attacks on network infrastructure, and more. The article examines the current state of cybercrime detection in the financial sector and losses from cyber attacks on businesses and citizens. The current economic turmoil has also led to a rise in malicious actors looking to steal sensitive information and sell it on the dark market, or to commit fraud and gain access to an account’s funds. And because financial services organizations work with large amounts of information about clients, partners and employees, such sensitive data makes them ideal targets for cybercriminals. Effective security comes down to three key elements. Processes, people and technology. Processes must run seamlessly alongside the organisation. Security experts must have the capability to detect, react and understand the context of a risk. And the technology must be superior, to keep up with cyber threats. The spread of cybercrime is facilitated by such factors as: hyperdemand for various types of information services in developed countries of the world; processes of globalization of the world economy; the development of modern information technologies, especially Internet resources, which provide an almost uncontrolled process of forming temptations. At the same time, it is necessary to create a cyber-safe environment and observe cyber hygiene. Detection and response to cyberattacks: with the help of a monitoring system, detection and tracking of vulnerabilities, threats and requests from users to change passwords. It is necessary to use advanced technologies within the limits of network protection, data encryption and user identification, which can be included in the secondary identification system, especially in the conditions of the war that is ongoing in Ukraine.