Enhancing Cyber Security for Financial Industry through Compliance and Regulatory Standards

2017 ◽  
pp. 113-129
Author(s):  
Derek Mohammed ◽  
Marwan Omar ◽  
Van Nguyen
Keyword(s):  
State Government ◽  
Cyber Security ◽  
Financial Sector ◽  
Cyber Attacks ◽  
Financial Industry ◽  
Financial Regulations ◽  
Regulatory Standards ◽  
Compliance Requirements ◽  
Similarities And Differences ◽  
Digital Assets

This paper investigates laws and regulations within the financial industry that are applicable to cybersecurity. It analyzes both compliance and regulatory issues across the financial sector at the federal and state levels. Additionally; the paper highlights the importance of adhering to, and implementing industry-based regulations to improve the protection of financial digital assets against cyber-attacks. It also reviews similarities and differences among compliance environments created by financial regulations. Identification, interpretation and application of federal and state government regulations, directives and acts as they apply to the security of digital systems in the financial sector is another objective of this research study. Finally, this paper contrasts the values and issues created by increasing compliance requirements.

scholarly journals RISK MANAGEMENT IN THE FINANCIAL SECTOR OF UKRAINE IN THE CONTEXT OF CYBER THREATS AND POST-PANDEMIC ECONOMIC RECOVERY

2021 ◽  
pp. 19-27
Author(s):  
Nazar Demchyshak ◽  
Anastasiia Shkyria
Keyword(s):  
Risk Management ◽  
National Security ◽  
Cyber Security ◽  
Financial Sector ◽  
Cyber Attacks ◽  
Cyber Threats ◽  
The World ◽  
Cyber Threat ◽  
Security Index ◽  
Cyber Risk

Purpose. The aim of the article is substantiation of approaches of domestic and foreign scientists to risk management in the financial sector of Ukraine in the context of cyber threats and the need to ensure national security and post-pandemic economic recovery. Methodology of research. General scientific and special methods of scientific research are used in the article, in particular: induction, deduction, scientific abstraction - to reveal the essence of the concepts of "cyber threat", “cyber security" and "digitalization"; statistical and graphical methods - to assess the current situation in the field of cyber defence in the world and the national cyber security index; methods of analysis and synthesis - in substantiating the conclusions of the research. Finding. Definitions of cyber risk, approaches to its interpretation and classification were considered. The importance of cyber security in the digitalization of the national economy was argued. The Strategy of Ukrainian Financial Sector Development until 2025 is analysed. The world statistics of frequency and losses due to cyber-attacks are studied and the cyber threats that caused the greatest losses in Ukraine are identified. The analysis of Ukraine’s positions in the National Cyber Security Index 2020 is carried out. The directions of cyber threat prevention that can be useful for Ukrainian companies are substantiated. Originality. The author’s definition of the term "cyber risk" is proposed, in which special attention in focused on the effects of cyber threats. The importance of cyber risk management in the conditions of inevitability of digitalization in the financial sector of Ukraine is substantiated. Approaches to the prevention of cyber-attacks, the implementation of which is necessary for the successful digital transformation of Ukraine, are proposed. Practical value. The results of the research will contribute to the formation of an effective risk management system in the financial sector of Ukraine in terms of digitalization of the financial space and post-pandemic recovery of the national economy. Key words: national security, cyber risk, cyber threat, cyber defence, digitalization, post-pandemic recovery, fintech.

Disrupting the U.S. National Security Through Financial Cybercrimes

2019 ◽  
Vol 3 (1) ◽  
pp. 1-21
Author(s):  
Calvin Nobles
Keyword(s):  
National Security ◽  
Financial Institutions ◽  
Credit Card ◽  
Critical Infrastructure ◽  
Social Engineering ◽  
Financial Sector ◽  
Cyber Attacks ◽  
Competitive Advantages ◽  
Financial Industry ◽  
The U.S

The U.S. financial sector is the bedrock of the economic health and strategic advancement. As a critical infrastructure, the financial sector continuously faces cyber-attacks and other nefarious activity. The financial sector is undergoing a technological explosion and forcing banks and financial institutions to implement cutting edge technologies. Even though technological breakthroughs are yielding competitive advantages; consequently, the same technologies are more prone to cyber-attacks stemming from technologically-induced vulnerabilities. The integrative and hyperconnected state of the financial industry and the domestic and global financial ecosystems are highly centralized and vulnerable to sophisticated cybersecurity threats, human factors, social engineering, credit card fraud, and online banking schemes. Any attempts to degrade, disrupt, or deny vital services and transactions in the financial industry could be conceived as an infringement and blockade of the U.S. global powers.

scholarly journals Design of a dynamic and self-adapting system, supported with artificial intelligence, machine learning and real-time intelligence for predictive cyber risk analytics in extreme environments – cyber risk in the colonisation of Mars

2021 ◽  
Author(s):  
Petar Radanliev ◽  
David De Roure ◽  
Kevin Page ◽  
Max Van Kleek ◽  
Omar Santos ◽  
...  
Keyword(s):  
Artificial Intelligence ◽  
Machine Learning ◽  
Real Time ◽  
Cyber Security ◽  
Extreme Environments ◽  
Learning Technologies ◽  
Cyber Attacks ◽  
Edge Computing ◽  
Mathematical Formulas ◽  
Cyber Risk

AbstractMultiple governmental agencies and private organisations have made commitments for the colonisation of Mars. Such colonisation requires complex systems and infrastructure that could be very costly to repair or replace in cases of cyber-attacks. This paper surveys deep learning algorithms, IoT cyber security and risk models, and established mathematical formulas to identify the best approach for developing a dynamic and self-adapting system for predictive cyber risk analytics supported with Artificial Intelligence and Machine Learning and real-time intelligence in edge computing. The paper presents a new mathematical approach for integrating concepts for cognition engine design, edge computing and Artificial Intelligence and Machine Learning to automate anomaly detection. This engine instigates a step change by applying Artificial Intelligence and Machine Learning embedded at the edge of IoT networks, to deliver safe and functional real-time intelligence for predictive cyber risk analytics. This will enhance capacities for risk analytics and assists in the creation of a comprehensive and systematic understanding of the opportunities and threats that arise when edge computing nodes are deployed, and when Artificial Intelligence and Machine Learning technologies are migrated to the periphery of the internet and into local IoT networks.

Cybersecurity Teamwork: A Review of Current Practices and Suggested Improvements

2020 ◽  
Vol 64 (1) ◽  
pp. 451-455
Author(s):  
Richard J. Simonson ◽  
Joseph R. Keebler ◽  
Mathew Lessmiller ◽  
Tyson Richards ◽  
John C. Lee
Keyword(s):  
Cyber Security ◽  
Cyber Attacks ◽  
Team Science ◽  
The Past ◽  
Insight Into ◽  
Current Practices

As cyber-attacks and their subsequent responses have become more frequent and complex over the past decade, research into the performance and effectiveness of cybersecurity teams has gained an immense amount of traction. However, investigation of teamwork in this domain is lacking due to the exclusion of known team competencies and a lack of reliance on team science. This paper serves to provide insight into the benefit that can be gained from utilizing the extant teamwork literature to improve teams’ research and applications in the domain of cyber-security.

An investigation into the effect of cybersecurity on attack prevention strategies

2020 ◽  
pp. 53-60
Author(s):  
Mohammed I. Alghamdi ◽  
Keyword(s):  
Information Technology ◽  
Computer Networks ◽  
Cyber Security ◽  
Information Technologies ◽  
Vital Role ◽  
Cyber Attacks ◽  
Security Threats ◽  
Prevention Strategies ◽  
Sufficient Knowledge ◽  
Simplified Solution

Our economy, infrastructure and societies rely to a large extent on information technology and computer networks solutions. Increasing dependency on information technologies has also multiplied the potential hazards of cyber-attacks. The prime goal of this study is to critically examine how the sufficient knowledge of cyber security threats plays a vital role in detection of any intrusion in simple networks and preventing the attacks. The study has evaluated various literatures and peer reviewed articles to examine the findings obtained by consolidating the outcomes of different studies and present the final findings into a simplified solution.

SARCP - Exploiting Cyber-Attack Prediction Through Socially-Aware Recommendation

2022 ◽  
Vol 14 (1) ◽  
pp. 0-0
Keyword(s):  
Social Network ◽  
Real World ◽  
Cyber Security ◽  
Betweenness Centrality ◽  
Cyber Attacks ◽  
Experimental Results ◽  
Cyber Attack ◽  
Defence Mechanisms ◽  
Network Measure ◽  
Recommender Algorithm

In the domain of cyber security, the defence mechanisms of networks has traditionally been placed in a reactionary role. Cyber security professionals are therefore disadvantaged in a cyber-attack situation due to the fact that it is vital that they maneuver such attacks before the network is totally compromised. In this paper, we utilize the Betweenness Centrality network measure (social property) to discover possible cyber-attack paths and then employ computation of similar personality of nodes/users to generate predictions about possible attacks within the network. Our method proposes a social recommender algorithm called socially-aware recommendation of cyber-attack paths (SARCP), as an attack predictor in the cyber security defence domain. In a social network, SARCP exploits and delivers all possible paths which can result in cyber-attacks. Using a real-world dataset and relevant evaluation metrics, experimental results in the paper show that our proposed method is favorable and effective.

scholarly journals Debate on Tawarruq: Historical Discourse and Current Rulings

2014 ◽  
Vol 28 (3) ◽  
pp. 278-294 ◽  
Author(s):  
Habib Ahmed ◽  
Nourah Mohammad Aleshaikh
Keyword(s):  
Financial Sector ◽  
Islamic Finance ◽  
Financial Industry ◽  
Historical Discourse ◽  
The Past

One of the controversial products used by the Islamic financial sector is organized tawarruq. As the substance of this product resembles that of an interest-based loan, there is a debate on its permissibility from a Shari’ah perspective. While discussions on tawarruq have arisen due to the emergence of the practice in Islamic finance, there have been deliberations on this transaction in the past starting immediately after the emergence of Islam. The aim of the article is to provide an overview of the historical discourse on tawarruq and examine the rulings on it by two contemporary jurisprudential bodies to assess the practice of the transaction in Islamic finance. The discussions show that the current rulings concur with the majority view of the past scholars. The practice of organized tawarruq by the Islamic financial industry, however, appears to be inconsistent with both the contemporary and historical rulings.

scholarly journals Fuzzy-Based Symmetrical Multi-Criteria Decision-Making Procedure for Evaluating the Impact of Harmful Factors of Healthcare Information Security

Symmetry ◽  
2020 ◽  
Vol 12 (4) ◽  
pp. 664 ◽  
Author(s):  
Rajeev Kumar ◽  
Abhishek Kumar Pandey ◽  
Abdullah Baz ◽  
Hosam Alhakami ◽  
Wajdi Alhakami ◽  
...  
Keyword(s):  
Decision Making ◽  
Information Security ◽  
Information Management ◽  
Cyber Security ◽  
Cyber Attacks ◽  
Multi Criteria Decision Making ◽  
Local Hospital ◽  
Healthcare Information ◽  
Security Breaches ◽  
The Impact

Growing concern about healthcare information security in the wake of alarmingly rising cyber-attacks is being given symmetrical priority by current researchers and cyber security experts. Intruders are penetrating symmetrical mechanisms of healthcare information security continuously. In the same league, the paper presents an overview on the current situation of healthcare information and presents a layered model of healthcare information management in organizations. The paper also evaluates the various factors that have a key contribution in healthcare information security breaches through a hybrid fuzzy-based symmetrical methodology of AHP-TOPSIS. Furthermore, for assessing the effect of the calculated results, the authors have tested the results on local hospital software of Varanasi. Tested results of the factors are validated through the comparison and sensitivity analysis in this study. Tabulated results of the proposed study propose a symmetrical mechanism as the most conversant technique which can be employed by the experts and researchers for preparing security guidelines and strategies.

scholarly journals Cyber Attacks on Critical Infrastructure

2016 ◽  
pp. 448-465
Author(s):  
Ana Kovacevic ◽  
Dragana Nikolic
Keyword(s):  
Control Systems ◽  
Cyber Security ◽  
Critical Infrastructure ◽  
Cyber Attacks ◽  
Cyber Attack ◽  
Future Directions ◽  
Infrastructure Systems ◽  
Cyber Threats ◽  
Scada Systems ◽  
Insight Into

We are facing the expansion of cyber incidents, and they are becoming more severe. This results in the necessity to improve security, especially in the vulnerable field of critical infrastructure. One of the problems in the security of critical infrastructures is the level of awareness related to the effect of cyberattacks. The threat to critical infrastructure is real, so it is necessary to be aware of it and anticipate, predict, and prepare against a cyber attack. The main reason for the escalation of cyberattacks in the field of Critical Infrastructure (CI) may be that most control systems used for CI do not utilise propriety protocols and software anymore; they instead utilise standard solutions. As a result, critical infrastructure systems are more than ever before becoming vulnerable and exposed to cyber threats. It is important to get an insight into what attack types occur, as this may help direct cyber security efforts. In this chapter, the authors present vulnerabilities of SCADA systems against cyber attack, analyse and classify existing cyber attacks, and give future directions to achieve better security of SCADA systems.

scholarly journals Cybersecurity Policy and Its Implementation in Indonesia

2016 ◽  
Vol 4 (1) ◽  
pp. 61 ◽  
Author(s):  
Muhamad Rizal ◽  
Yanyan Yani
Keyword(s):  
Cyber Security ◽  
Cyber Attacks ◽  
The State ◽  
Nation State ◽  
Counter Measures ◽  
Cyber Threats ◽  
Unitary State ◽  
The Republic ◽  
The Government ◽  
State Defense

The purpose of state defense is to protect and to save the integrity of the Unitary State of the Republic of Indonesia, the sovereignty of the state, as well as its security from all kinds of threats, whether they are military or non-military ones. One of the non-military threats that potentially threatens the sovereignty and security of the nation-state is the misuse of technology and information in cyberspace. The threat of irresponsible cyber attacks can be initiated by both state and non-state actors. The actors may be an individual, a group of people, a faction, an organization, or even a country. Therefore, the government needs to anticipate cyber threats by formulating cyber security strategies and determining comprehensive steps to defend against cyber attacks; its types and the scale of counter-measures, as well as devising the rules of law. 

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