Issue of Ukrainian financial sector information security

Abstract

Protection of financial resources is one of the priority tasks of the state, which determines its independence and subjectivity. This is especially relevant in the case of Ukraine, which is conducting full-scale military operations, therefore the study of the cyber security problem of the financial sphere of Ukraine and the formulation of recommendations for their solution became the purpose of this study. Methods of statistical analysis, systematization and synthesis were used to analyse the dynamics in the field of protection of critical information, whereas the intelligence method, based on open sources, was used to reveal the main trends, methods, and tools of modern cyber fraud. As a result, a list of problems and threats to the financial sector of Ukraine was formed. An assessment of existing trends in the effectiveness of countering such challenges is given, and several recommendations have been developed to prevent the leakage of personal data and the vulnerability of financial structures. Such recommendations included the introduction of clear algorithms for personnel behaviour, separation of subsystems with different levels of access and their restriction of access to external networks, as well as personal digital security rules – use of two-factor authentication, prohibition of transmission of passwords and temporary codes, etc. In the context of the dynamics of the growth of the number of Internet users over the last five years in the world, the international principles of ensuring information security and the legislation of Ukraine, which regulates actions to protect against cyber-attacks, were analysed. The practical significance of the research lies in finding ways to solve problems in the field of information security of the financial sector and forming recommendations that may be useful to the management of financial institutions.