Cybersecurity in the Financial and Banking Sector: Current Challenges and Prospects

Житар, Максим Олегович (2025) Cybersecurity in the Financial and Banking Sector: Current Challenges and Prospects Вісник Східноєвропейського університету економіки і менеджменту, 33 (1). pp. 189-200. ISSN 2078-1628

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Abstract

The article is dedicated to studying the contemporary challenges and prospects of cybersecurity in the financial and banking sector within the context of global digital transformation. It has been determined that the active integration of digital technologies into financial operations, including the implementation of internet banking, mobile applications, and payment systems, is accompanied by a significant increase in the risk of cyberattacks. Key threats such as phishing, ransomware, and DDoS attacks, which have the potential to paralyze critical financial systems and cause substantial economic losses, are analyzed. The study identifies critical factors contributing to increased vulnerability, including a shortage of qualified specialists, low client awareness of security practices, and the absence of multi-factor authentication. It is substantiated that addressing cybersecurity issues requires a comprehensive approach that involves the implementation of innovative technologies, such as artificial intelligence and machine learning, to detect threats at early stages. The establishment of a regulatory framework aligned with international standards, particularly the PSD2 directive, is highlighted as a crucial step toward enhancing the resilience of financial systems. The role of international cooperation in the field of cybersecurity, which facilitates the prompt exchange of threat information and the development of global protection standards, is also examined. The article emphasizes the economic dimension of the problem, as attacks on banking systems can impact the stability of financial markets and erode consumer trust. It recommends strengthening educational initiatives to increase the awareness of clients and employees regarding modern cyber threats. The conclusion emphasizes that only a combination of technical, legal, and educational measures can create a robust cybersecurity ecosystem in the financial and banking sector.

Item Type:	Article
Uncontrolled Keywords:	сybersecurity; financial and banking sector; cyberattacks; digital technologies; artificial intelligence; multi-factor authentication; DDoS attacks; cybersecurity education; regulatory framework; financial risks
Subjects:	Статті у періодичних виданнях > Фахові (входять до переліку фахових, затверджений МОН)
Divisions:	Факультет економіки та управління > Кафедра фінансів
Depositing User:	Професор Максим Олегович Житар
Date Deposited:	02 Sep 2025 11:46
Last Modified:	02 Sep 2025 11:46
URI:	https://elibrary.kubg.edu.ua/id/eprint/53035

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