Cyber insurance in the banking sector: identification of risks and security support tools

Рамський, Андрій Юрійович and Арабаджи, К.В. (2023) Cyber insurance in the banking sector: identification of risks and security support tools Науковий вісник Міжнародної асоціації науковців. Серія: економіка, управління, безпека, технології (2(2)). ISSN 2786-5827

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Abstract

This article provides an overview of the knowledge gaps related to cyber insurance as a risk management strategy specifically for banking institutions, which are today's allotment sites for collecting the public's money as well as sensitive personal information. Most often, banks can be targets for cyberattacks, because in today's world, in the conditions of digitalization and technological development, the entire banking system rests on systems and programs that have vulnerabilities precisely from cyber threats. The threat of loss of important personal data of customers, funds in individual accounts of individuals and legal entities, can lead not only to personal losses of the bank, but also cause losses to the bank's customers themselves, which directly affects the economy of the entire country, which is why the question of cyber insurance for banking institutions should be raised at the state level. Cyber risk, as one of the operational risks, should be included in the risk management system of banking activity, and cyber insurance should be the most important tool for hedging against potential losses from this type of risk. Accordingly, against the background of the relevance of consideration of the issue of cyber risk, it is advisable to study the experience of other countries and try to acclimatize it with certain changes in Ukraine, because the complete copying of foreign practice may not take root in our country, due to the peculiarities and specifications of conducting banking and insurance business in Ukraine . Against the background of increasing cyber attacks on the banking sector of Ukraine, the urgency of considering potential hedging factors increases, and cyber insurance becomes one of the main directions of transferring cyber risk to a third party. To reduce the probability of a cyber incident and minimize losses from such a risk, cyber insurance should act in conjunction with the modernization and constant updating of ICT systems on which the banking system operates, conducting training and education for employees on the topic of cyber protection, as well as a number of other factors, which are described in this article.

Item Type:	Article
Uncontrolled Keywords:	cyber insurance; banks; banking system; cyber risk; risk management
Subjects:	Це архівна тематика Київського університету імені Бориса Грінченка > Статті у наукометричних базах > Index Copernicus Це архівна тематика Київського університету імені Бориса Грінченка > Статті у журналах > Фахові (входять до переліку фахових, затверджений МОН)
Divisions:	Це архівні підрозділи Київського університету імені Бориса Грінченка > Факультет економіки та управління > Кафедра фінансів
Depositing User:	професор Андрій Юрійович Рамський
Date Deposited:	17 Nov 2023 08:07
Last Modified:	17 Nov 2023 08:07
URI:	https://elibrary.kubg.edu.ua/id/eprint/47091

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