Cybersecurity in the financial sector of the economy: necessity and significance

Abstract

In the age of technological development, the financial sector of the Russian economy was one of the first to actively begin the transition to digitalization of all business processes. Electronic platforms have been used to accelerate financial transactions and improve the quality of financial services. The country's population is increasingly moving towards cashless payments for goods, works and services. Russians now have the opportunity to purchase digital assets via bank card on a variety of electronic resources without leaving home. Nevertheless, along with the pluses of technological innovations in the payments sphere, new threats related to cyberattacks in the financial sector have emerged. Criminal methods today are becoming more sophisticated, with an emphasis on the collection and use of confidential information, gradually nullifying the traditional mechanisms of physical theft of funds. The urgency of developing reliable systems to protect electronic payments and important data requires the consolidation of efforts on the part of both the state and financial organizations, as well as society as a whole. Therefore, in the course of the study, in order to minimize digital threats, the concept of financial cybersecurity is considered, which contributes to the sustainable development of the economy, as well as ensuring the protection of users' interests, in a constantly evolving digital environment.