Economic security of credit organizations in the context of growing digital risks

Abstract

This article partially discusses the results of the author's dissertation research. The subject of study of this article is the methods of measuring and managing risks associated with digitalization in the context of improving economic and information security of the bank. The digital transformation of commercial banks involves not only updating technology, but also rethinking banking and creating a more customer-centric experience based on digitalization tools. By embracing digital transformation, banks can optimize operations, improve security and provide their customers with the services they need when and where they need them. The study of existing features of commercial banks' business processes, changing digital space and risks allowed the author to establish the relationship between economic security, information security and digital risks. The role of the digital risk management subsystem was identified and the types of digital risks of the bank were studied. The study of the possibilities of applying the existing methodologies for assessing the risks of a credit organization to the changing external environment and digital space surrounding modern banks has shown that for the most part they are applicable to risk assessment in the implementation of adaptation. The practice of risk management in banks requires identification and classification of digital risks, strategies to mitigate the identified risks adapted to the digital space. The author's methodology for assessing and minimizing the digital risks of a credit institution is proposed, which makes it possible to determine the type of digital risk on the basis of input and output variables and develop a possible managerial decision to minimize the risk. Based on the approbation, the author identifies digital risks for three Russian banks with the largest digital presence in the Russian banking sector.