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 NATO-EU Cooperation in Cybersecurity and Cyber Defence Offers Unrivalled Advantages

2020 ◽  
Vol 45 ◽  
pp. 35-55
Author(s):  
Peter Poptchev
Keyword(s):  
National Security ◽  
Critical Infrastructure ◽  
The European Union ◽  
Economic Stability ◽  
Member States ◽  
Eu Member States ◽  
Hybrid Threats ◽  
The Stability ◽  
Guide Lines ◽  
The U.S

The article identifies the trends as well as documented instances of adversarial cyberattacks and hybrid warfare against NATO and EU Member States. It illustrates how these adversarial activities impact on the broader aspects of national security and defence, the socio-economic stability and the democratic order of the states affected, including on the cohesion of their respective societies. Cyberattacks by foreign actors—state and non-state—including state-sponsored attacks against democratic institutions, critical infrastructure and other governmental, military, economic, academic, social and corporate systems of both EU and NATO Member States have noticeably multiplied and have become more sophisticated, more destructive, more expensive and often indiscriminate. The cyber and hybrid threats are increasingly seen as a strategic challenge. The article presents some salient topics such as the nexus between cyberattacks and hybrid operations; the game-changing artificial intelligence dimension of the cyber threat; and the viability of public attributions in cases of cyberattacks. On the basis of analysis of the conceptual thinking and policy guide-lines of NATO, the European Union and of the U.S., the author makes the case that a resolute Trans-Atlantic cooperation in the cyber domain is good for the security of the countries involved and essential for the stability of today’s cyber-reliant world.

STRATEGIES OF DEVELOPMENT OF THE FINANCIAL SECTOR AND FINANCIAL INDUSTRY IN UKRAINE ON AN INNOVATIVE BASIS

2018 ◽  
Author(s):  
Olga Batrak ◽  
Keyword(s):  
Financial Institutions ◽  
Financial Literacy ◽  
Financial Stability ◽  
Service Providers ◽  
Financial Sector ◽  
Added Value ◽  
Financial Resources ◽  
Creative Economy ◽  
Financial Industry ◽  
Investment Funds

The relevance of the article is determined by the need to balance certain segments of the financial and real sectors of the economy, build their infrastructure, increase innovation through the implementation of the achievements of the financial industry. The main scientific result of the article is to define the financial sector and the financial industry, to establish causal links between them and development strategies. The financial sector is a subsystem of the financial market and is represented by its national regulator, financial and infrastructural participants, namely: corporations that accept deposits; money market funds and investment funds, pension funds, insurance corporations, captive and auxiliary financial corporations, other financial intermediaries. In contrast to the existing definitions, the proposed one is based on the classification of institutional sectors of the Ukrainian economy. The connection between the financial and real sectors is formalized as mutually complementary parts, which together make up the national economy, ensure the circulation of material and financial resources, the creation of added value. At the same time, they perform specific functions: the financial sector - distribution and transaction, the real - generating and transforming. The financial industry is a complex category that combines a set of financial institutions with their quality and technical and technological characteristics (intellectual capital, innovation, financial technology) in a creative economy. The financial sector and the financial industry reflect the dualistic nature of the functioning of financial institutions as financial service providers, on the one hand, and business process owners, on the other. Therefore, their strategies have a common premise and goal - financial stability, macroeconomic development should ensure the sustainability of public finances, the formation of long-term financial resources, lending to the economy. The common strategic goals are: financial inclusion, supported by digital and financial literacy, development of financial markets and non-cash economy, innovative development and economic system based on financial technologies.

Knowledge Risks of Social Media in the Financial Industry

2015 ◽  
Vol 11 (4) ◽  
pp. 19-34 ◽  
Author(s):  
Christina Sarigianni ◽  
Stefan Thalmann ◽  
Markus Manhart
Keyword(s):  
Social Media ◽  
Competitive Advantage ◽  
Financial Institutions ◽  
Financial Sector ◽  
Organizational Environment ◽  
Financial Industry ◽  
Competitive Edge ◽  
Knowledge Leakage ◽  
Knowledge Intensive ◽  
Use Of Social Media

The financial sector is characterized as knowledge intensive with knowledge as the key source of competitive advantage. The introduction of social media within the organizational environment has raised the number of knowledge risks that can lead to knowledge leakage and thus to a loss of competitive edge. The authors investigated knowledge risks arising from the use of social media within the financial sector. They interviewed twelve employees from ten different European financial institutions to identify strategies how financial institutions currently deal with knowledge risks. The authors identified three major knowledge risks induced by social media and it appears that financial institutions are skeptical towards social media adoption. However, competition forces financial institutions to adopt social media and to change their attitude. As a consequence, financial institutions need to find different strategies for the management of knowledge risks. The authors identified such strategies and they show which strategies link to the major knowledge risks.

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.

scholarly journals Impact of Legal Incentives on “Credit Fraud” Criminal Offence

2021 ◽  
Vol 6 (1) ◽  
pp. 159
Author(s):  
Rezana Balla ◽  
Kamarul Bahari Yaakub
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Financial Education ◽  
Financial Sector ◽  
Financial Industry ◽  
Criminal Offense ◽  
Consumer Loans ◽  
Raising Awareness ◽  
History Of ◽  
The Common

Currently, the number of financial institutions has been increased in Albania, which provides Albanian citizens with access to various financial services, mainly to obtain financing services in the form of microcredit. Given the history of our people, not all the Albanian citizens have had opportunity to have access and to benefit from various financial services. Denial of financial services is an issue that has affected not only Albania, but also other small Balkan countries. The reasons for this denial are numerous, but among them, we can distinguish the lack of lending experience, as one of the common reasons for being excluded in these countries from the development of the financial sector. Taking into consideration that, the growth of financial institutions led to the growth of financial services by raising awareness and financial education of citizens. Finally, the Bank of Albania , as the supervisor of financial activities, intends to set a ceiling on the interest of consumer loans provided by non-bank financial institutions and commercial banks in Albania. This paper aims to present through a professional legal treatment all the challenges of the legal and institutional framework of the Bank of Albania, itself in undertaking this initiative. The questions we intend to answer through this paper are: Is the Bank of Albania legitimized to set a ceiling interest rate for consumer credit? What are the benefits or challenges that this initiative will bring to the financial sector? How will this regulation affect the criminal offense of "Credit Fraud"? How will the financial industry be designed after the implementation of the initiative? Will it have any impact on customer beneficial? etc.

scholarly journals METHOD FOR FORMING THE FUNCTIONAL SECURITY PROFILES OF SECTORAL INFORMATION AND TELECOMMUNICATION SYSTEMS

2021 ◽  
Vol 3 (11) ◽  
pp. 167-183
Author(s):  
Sergiy Gnatyuk ◽  
Oleksiy Yudin ◽  
Viktoriia Sydorenko ◽  
Yaroslav Yevchenko
Keyword(s):  
National Security ◽  
Critical Infrastructure ◽  
National Level ◽  
Functional Method ◽  
Cyber Attacks ◽  
Critical Infrastructure Protection ◽  
Security Sector ◽  
Global Trends ◽  
Protection Systems

Global trends to increase and improve the quality of cyber attacks have led to the actualization of the protection of information and telecommunications systems (ITS), in particular, sectoral, which are critical for the functioning of society, socio-economic development and ensuring the information component of national security. Taking into account the needs of national security and the need to introduce a systematic approach to solving problems of critical infrastructure protection, at the national level, the creation of protection systems for such infrastructure is one of the priorities in reforming the defense and security sector of Ukraine. Thus, there is a need to develop methods and models for classifying ITS as critical infrastructure to ensure the national security of Ukraine. The paper proposes a structural-functional method for determining the functional security profile of the subsystem of the sectoral ITS, which allows to determine the basic functional security profile of the sectoral ITS by determining the sectoral requirements for confidentiality, integrity, accessibility and observability and more fully formulate criteria for assessing the security of information circulating in critical ITS. The study was followed by an experimental study on the example of ITS of the National System of Confidential Communication, which tested the adequacy of the method's response to changes in input data.

scholarly journals KONTRIBUSI FINTECH DALAM MENINGKATKAN KEUANGAN INKLUSIF PADA PERTANIAN (Studi Analisis Melalui Pendekatan Keuangan Syariah Dengan Situs Peer To Peer Lending Pada Pertanian Di Indonesia)

2018 ◽  
Vol 1 (1) ◽  
pp. 1 ◽  
Author(s):  
Hanik Fitriani
Keyword(s):  
Financial Institutions ◽  
Agricultural Sector ◽  
Financial Sector ◽  
Financial Inclusion ◽  
Network Access ◽  
Financial Industry ◽  
The Public ◽  
Digital Era ◽  
The Government ◽  
Financial Technology

Abstract: Currently the development of technology is growing very rapidly and has entered into all sectors, including the financial sector. With the technology to the financial sector, it is slowly transforming the financial industry into the digital era. The combination of Financial Technique (Fintech) with financial institutions, especially sharia financial institutions, is considered to increase financial inclusiveness in agriculture. Inclusion is a situation where the public is not aware of access to digital finance.The emergence of problems in the first agricultural sector due to lack of land, secondly due to lack of farmer capital and thirdly due to lack of land processors made modernization of technology create agricultural financial technology as an alternative to increase financial inclusion in agriculture.The use of fintech agro in Indonesia is felt to be lacking because of constraints such as lack of literacy to the community, poorly trained human resources, lack of legislation and lack of network access to remote villages. Financial inclusion can increase with the support of the government to improve supporting facilities and infrastructure for the use of fintech agro in Indonesia. الملخص: في الوقت الحالي ينمو تطوير التكنولوجيا بسرعة كبيرة وقد دخل في جميع القطاعات، بما في ذلك القطاع المالي. ومع دخول التكنولوجيا إلى القطاع المالي، فإنها تحول الصناعة المالية إلى العصر الرقمي. ويشعر مزيج من التقنية المالية  مع المؤسسات المالية، وخاصة المؤسسات المالية الشرعية، تزيد التمويل في مجال الزراعة. ظهور مشاكل في القطاع الزراعي الأول بسبب عدم وجود الأراضي، وثانياً بسبب نقص رأس المال الفلاحي، وثالثاً بسبب عدم وجود معالجي الأراضي، أدى تحديث التكنولوجيا إلى خلق التكنولوجيا الزراعية المالية كبديل لزيادة الشمول المالي في الزراعة. ومن المعتقد أن استخدام التكنولوجيا الزراعية في إندونيسيا يفتقر إلى القيود بسبب الافتقار إلى معرفة القراءة والكتابة لدى المجتمع، والموارد البشرية المدربة تدريجيًا، وعدم وجود تشريعات، وعدم الوصول إلى الشبكة إلى القرى النائية. يمكن أن يزيد الإدماج المالي بدعم من الحكومة لتحسين المرافق الداعمة والبنية التحتية لاستخدام التكنولوجيا الزراعية في إندونيسيا.                                         Abstrak: Saat  ini  perkembangan teknologi berkembang sangat pesat  dan telah masuk ke semua sector, diantaranya adalah sektor keuangan. Dengan masuknya teknologi ke sector keungan, maka secara perlahan  mengubah industry keuangan ke era digital. Perpaduan antara Financial Technlogi (Fintech) dengan lembaga keuangan  khususnya lembaga keuangan syariah dirasa dapat meningkatkan inklusif keuangan pada bidang pertanian. Inklusi adalah sebuah keadaan di mana masyarakat kurang paham terhadap akses keuangan digital.Munculnya permasalahan pada bidang pertanian pertama karena kurangnya lahan, kedua karena kurangya modal petani dan ketiga karena kurangnya pengolah lahan membuat modernisasi teknologi menciptakan teknologi financial  agro pertanian sebagai alternative meningkatkan inklusi keuangan pada bidang pertanian.Penggunan fintech agro di Indonesia dirasa masih kurang karena adanya kendala seperti kurangnya literasi kepada masyarakat, Sumber daya manusia yang kurang dibina, peraturan perundang-undangan yang kurang dan kurangnya akses jaringan ke dalam pelosok desa. Inklusi keuangan bisa  meningkat dengan adanya dukungan dari pemerintah guna peningkatan sarana dan prasarana penunjang untuk penggunaan fintech agro di Indonesia.

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 The Multidimensional Impact on Society of Cyber Attacks Targeting the Energy Critical Infrastructure Sector

2021 ◽  
Vol 26 (4) ◽  
pp. 406-417
Author(s):  
Anca Dinicu ◽  
Romana Oancea ◽  
Ghiță Bârsan
Keyword(s):  
National Security ◽  
Public Interest ◽  
Social System ◽  
Critical Infrastructure ◽  
Energy Sector ◽  
Cyber Attacks ◽  
Cyber Attack ◽  
Security Environment ◽  
The Way

Abstract The security environment is experiencing unprecedented dynamics, absorbing and counteracting elements that generate challenges and threats, favoring aspects (apparently) beneficial to development and responding to the most unique threats that manage to have an increased impact on new areas of public interest, thus weakening national security. This paper aims to highlight the variety of effects on the various areas of the global social system that can be generated by a vital infrastructure that has become dysfunctional as a result of a cyber attack. Also, the article discusses the way in which various cyber attacks on the energy sector were orchestrated against the background of alleged rivalries between states.

scholarly journals METHOD FOR FORMING THE FUNCTIONAL SECURITY PROFILES OF SECTORAL INFORMATION AND TELECOMMUNICATION SYSTEMS

2021 ◽  
Vol 11 (3) ◽  
pp. 166-182
Author(s):  
Sergiy Gnatyuk ◽  
Oleksiy Yudin ◽  
Viktoriia Sydorenko ◽  
Yaroslav Yevchenko
Keyword(s):  
National Security ◽  
Critical Infrastructure ◽  
National Level ◽  
Functional Method ◽  
Cyber Attacks ◽  
Critical Infrastructure Protection ◽  
Security Sector ◽  
Global Trends ◽  
Protection Systems

Global trends to increase and improve the quality of cyber attacks have led to the actualization of the protection of information and telecommunications systems (ITS), in particular, sectoral, which are critical for the functioning of society, socio-economic development and ensuring the information component of national security. Taking into account the needs of national security and the need to introduce a systematic approach to solving problems of critical infrastructure protection, at the national level, the creation of protection systems for such infrastructure is one of the priorities in reforming the defense and security sector of Ukraine. Thus, there is a need to develop methods and models for classifying ITS as critical infrastructure to ensure the national security of Ukraine. The paper proposes a structural-functional method for determining the functional security profile of the subsystem of the sectoral ITS, which allows to determine the basic functional security profile of the sectoral ITS by determining the sectoral requirements for confidentiality, integrity, accessibility and observability and more fully formulate criteria for assessing the security of information circulating in critical ITS. The study was followed by an experimental study on the example of ITS of the National System of Confidential Communication, which tested the adequacy of the method's response to changes in input data.

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