CYBER RISKS AS A DESTABILIZATION FACTOR OF THE COUNTRY'S FINANCIAL SYSTEM

Abstract

The rapid digitalization of the global economy and implementation of innovative financial technologies have transformed the financial sector. While providing unprecedented efficiency, this shift has catalyzed critical vulnerabilities through sophisticated cyber threats. The relevance of this research is dictated by the urgent need to conceptualize cyber risks not merely as isolated IT failures, but as profound systemic threats capable of causing macroeconomic destabilization. The purpose of this article is to conduct a theoretical and methodological assessment of cyber risks as a destabilization factor within the financial system, including a bibliometric analysis, systematization of their characteristics, and determination of their structural place in national security. To achieve this goal, a methodology incorporating bibliometric analysis of scientific databases (utilizing VOSviewer) was applied to identify global research trends. Methods of systemic analysis, synthesis, modeling, and classification were utilized to deconstruct the economic concept of cyber risk and map its transmission mechanisms. The research indicates an exponential increase in academic interest in financial cyber resilience, shifting from technical defense to macroeconomic prudential regulation. The study refines the economic definition of cyber risk, emphasizing its systemic nature, extreme velocity, asymmetry, and contagion potential across interconnected networks. A multidimensional classification of cyber risks is proposed, categorizing them by sources, targets, and financial consequences. A key outcome is the development of a structural scheme that conceptualizes the place of cyber risks in the financial system, illustrating how localized incidents trigger systemic liquidity constraints and insolvency. The practical value lies in providing regulators with a foundation for integrating cyber risk metrics into management frameworks. The proposed models serve as a baseline for developing targeted stress-testing and designing specialized cyber insurance mechanisms to mitigate the consequences of attacks on critical infrastructure, enhancing overall resilience.