DETERMINANTS OF THE CYBER-RISKS ARISE AND REALIZATION

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DETERMINANTS OF THE CYBER-RISKS ARISE AND REALIZATION

Journal Title: Зовнішня торгівля: економіка, фінанси, право - Year 2018, Vol 3, Issue 98

Abstract

Background. Over the past decades, the development of the Internet has revolutionized the communication area, which has become a major factor in global economic growth, but has led to cyber-risk arise. Analysis of recent research and publications. In modern scientific literature the small number of jobs is devoted to the economic aspects of cyber-risks and methods of managing them. The pace of research on this problem in developed countries leaves significantly behind the domestic developments. This gap, on the one hand, is explained by the level of development of the financial system and the degree of its dependence on information technology. On the other hand, the issue of cyber risk combines two different areas: financial and informational, requiring an interdisciplinary approach to its study. Private institutions play a key role in the study of the essence of cyber-risks: consulting, insurance companies and information and software companies, such as AON, PricewaterhouseCoopers, Deloitte, Ernstand Young, Society of Actuaries, International Association, Allianz, and Geneva Association. With the growing of cyber risk and the negative financial implications of its implementation, state and commercial institutions, such as the Federal Bureau of Investigation in the USA, the Bank for International Settlements, are increasingly paying attention to this threat. Among domestic scientists it is worth to highlight the works of V. Bratiuk, E. Semenova, and Yu. Kozhedub, that paid attention to insurance protection against cyber-risks, to problems of their management and analysis of documents on their management. The aim of the article is to study the determinants of cyber-risk and their negative impact on world and national economies. Materials and methods. The works of domestic and foreign scholars have become the theoretical and methodological basis of the article. The research was carried out using the methods of theoretical generalization, comparative analysis, analysis and synthesis. Results. Based on the analysis of scientific literature and normative legal acts, the causal, sequential, and instrumental approaches to understanding the definition of cyber risk are identified. It is proposed to consider the concept of cyber-risk in a narrow and broad sense. In the narrow sense, cyber-risk is associated with operational threats to information and technology assets that adversely affect the confidentiality, availability and integrity of information or information systems. Cyber-risk is an operational risk, which is to obtain direct or indirect damage by economic agents as a result of their operation in cyberspace. In the broad sense, cyber-risks are the likelihood of a threat to interactive digital networks used to transmit, modify, and store information. Conclusion. To prevent cyber-risk implementation, cyberspace should be governed by certain rules of behavior. National cyber-security agencies should receive timely and accurate cyber-crime reports from national economic agents. Cybersecurity standards should include the provision of internal cyber-risk data by financial institutions that will be automated.

Authors and Affiliations

Svitlana VOLOSOVYCH, Liubov KLAPKIV

Keywords

EP ID EP408788
DOI -
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