INFLUENCE OF IT AND CYBERBUCK – RISKS ON BANK ACTIVITY
Journal Title: Сталий розвиток економіки - Year 2016, Vol 31, Issue 2
Abstract
Purpose is tо influence of the IT and cyber risk in the banks and outline the major trends in cyber security; study the international practice of proactive protection against cyber-risk and offer basic steps in building a cyber-defense based on international guidelines. Methodology of research. The basis of the research work assigned as general (analysis, observation) and special methods of cognition. Methods of analysis and observation used to study the basic trends of cyber-security. Methods of knowledge used to study the impact of IT and cyber risks for banks. Findings. Proved that issues relating to cyber-security bank that covers all that protects against intentional attacks, breaches, IT incidents and their consequences, and areas of improvement at this stage is particularly important. Proved that the banks must not only respond to incidents that happen to them directly, but also consider the impact of key companies in their supply chain. One of the options for management of IT risk management is to transfer this type of risk insurance companies. Found that insurance plays an important role, but does not cover the real damage from cyber threats. Consistent and expanded application of risk analysis to identify and take necessary measures, designed to save a substantial amount of costs provoked by cyber risk. It was concluded that despite the leisurely introduction in Ukraine of Basel II and III, capital requirements, which would include part of the capital in cyber risks - domestic banks are not immune from this risk, unless their own initiative will not meet these requirements. In terms of practical application, selected 10 key steps that should take the organization to implement effective information security management that is required for implementation in banking institutions, as they are exposed to cyber risks to the greatest extent. Originality. Grounded based methods of learning impact of IT and cyber risk in the banks and outlines the major trends in cyber security. Practical value. Research results can be offered for introduction in activity of banks, which will be instrumental in an effective management informative safety.
Authors and Affiliations
Iryna Andrushkiv, Bohdan Mushynskyi
Keywords
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