Open AccessFINANCIAL TECHNOLOGY RISK MANAGEMENT MODELS
Author(s) -
Диана Асхатовна Курманова,
Даниил Рамильевич Султангареев,
Ляйсан Рамильевна Хабибуллина
Publication year - 2020
Publication title -
vestnik ugntu. nauka, obrazovanie, èkonomika. seriâ èkonomika
Language(s) - English
Resource type - Journals
ISSN - 2541-8904
DOI - 10.17122/2541-8904-2020-2-32-82-91
Subject(s) - hacker , business , risk management , position (finance) , computer security , data breach , the internet , risk analysis (engineering) , finance , internet privacy , computer science , world wide web
Cyber incidents continue to move up in the rating of possible threats and occupy the second position in the ranking of risks in the activities of companies (40 %). Five years ago, they were on the fifteenth line. Like a natural disaster or pandemic, a cyber attack can have a negative impact on hundreds of companies, and the number of such incidents is growing. So-called "cyber incidents",when hackers interfere with the activities of a large number of companies, using the dependencies of their shared Internet infrastructure, occur more often. This reflects the fact that today's world of risk management is more volatile than ever. At the same time, with the upcoming entry into force of the General data protection regulation (GDPR), which has been in effect throughout Europe since may 2018, the prospects of imposing more and larger fines on companies that do not comply with it have already become real. Actions taken by the company in light of a data integrity violation directly affect the final cost of such a violation. Reputational damage is inevitable if the response to a cyber incident is inadequate. New risks require new tools to respond to their potential impacts and mitigate them. This article discusses the possible risks of financial technologies, draws attention to cyber threats, the frequency of which is increasing, and offers a model for identifying and evaluating cyber risks.