DKMORS - The impact of the War in Ukraine on the information security of the European Union’s banking industry

Title:	The impact of the War in Ukraine on the information security of the European Union’s banking industry – a case study of Hungary and Slovakia
Authors:	Somogyi, Tamás (Author) Nagy, Rudolf (Author)
Language:	English
Work type:	Unknown
Tipology:	1.01 - Original Scientific Article
Organization:	MORS - MORS publications
Abstract:	This study investigates, for the first time, the impact of the war on the information security of the EU’s banking industry. This domain is critical, as i) a significant cyber incident may lead to the financial and political instability of the Member States, and ii) the efficiency of the financial sanctions adopted by the EU depends on the appropriate operation of the EU’s banking systems. Qualitative methods were used in the study; relevant literature and publicly available sector specific data were analysed, and senior information security experts from Hungarian and Slovakian banks were interviewed. The results underpin the fact that banks in the EU are facing an exceptionally high level of cyber risk; the paper attempts to provide actions responding to these risks to keep the banking industry secure.
Keywords:	European Union, banking industry, cyberterrorism, Ukraine, Russia
Year of publishing:	2023
UDC:	355.48(470:477):004.738.5:336.1(439+437.6)
article ISSN:	2463-9575
COBISS_ID:	179490051
Views:	352
Downloads:	3
Files:	RAZ_Somogyi_Tamas_i2023.pdf (419,47 KB)
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Secondary language

Language:	Slovenian
Title:	Vpliv vojne v Ukrajini na informacijsko varnost bančnega sektorja Evropske Unije - študija primera Madžarske in Slovaške
Abstract:	V študiji prvič preučujemo vpliv vojne na informacijsko varnost bančnega sektorja EU. To področje je ključnega pomena, saj lahko hujši kibernetski incident povzroči finančno in politično nestabilnost držav članic in je učinkovitost finančnih sankcij, ki jih je sprejela EU, odvisna od ustreznega delovanja bančnih sistemov EU. Uporabljene so kvalitativne metode: analiza ustrezne literature in javno dostopnih podatkov za posamezne sektorje, opravljeni razgovori z višjimi strokovnjaki za informacijsko varnost iz madžarskih in slovaških bank. Rezultati potrjujejo, da se banke v EU soočajo z izjemno visoko ravnjo kibernetskega tveganja. Članek navaja ukrepe za odzivanje na omenjena tveganja z namenom ohranjanja varnosti.