THE RISKS OF CYBERSECURITY OF FINANCIAL INSTITUTIONS AND POSSIBLE METHODS FOR THEIR ELIMINATION*

Abstract

The study addresses issues related to the use of information technology in the field of financial organizations. In addition, the authors considered the sources of cybersecurity risks in these organizations and the mechanisms of the impact of their consequences on the main financial risks. As a result of the study, the authors cited key activities aimed at reducing cybersecurity risks and related to the development and creation of internal controls and the use of internal security tools, such as the use of physical information protection tools, basic electronic information protection tools, the use of data encryption during transmission information in electronic format (end-to-end protection), as well as other methods to minimize risks.

Keywords

• information technology
• cyber-security risk
• financial risks
• internal security tools