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Cyber attacks as a source of operational risk in electronic banking

Revenkov P.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( pavel.revenkov@mail.ru )

Berdyugin A.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( a40546b@gmail.com )

Journal: Finance and credit, #3, 2018

Importance Due to the use of computer technologies by credit institutions their operational risk is growing. The main task of operational risk management is to streamline banking business processes. The article examines relationships of sources, types and consequences of operational risk in e-banking.
Objectives The study aims to analyze operational risk associated with increased access to financial services and develop methods to improve operational risk management in e-banking systems.
Methods We employ general scientific methods of cognition, like analysis, synthesis, induction, deduction, and analogy, certain techniques of systems analysis of scientific literature on theoretical and applied research, and a graph method to interpret investigated phenomena.
Results Based on reviewed laws and regulations, statistical reports, works of domestic and foreign specialists in banking risk management, we formulate methods for improving the operational risk management in electronic banking systems and recommendations on how to reduce this risk.
Conclusions and Relevance The findings may be useful for scientists studying operational risk inherent in remote banking.


Regulating electronic banking: current issues

Revenkov P.V. Odintsovo Humanities University, Odintsovo, Moscow Region, Russian Federation ( pavel.revenkov@mail.ru )

Pospelov A.L. Odintsovo Humanities University, Odintsovo, Moscow Region, Russian Federation ( pal@cbr.ru )

Journal: Finance and credit, #24, 2015

Subject The article considers the banking system of the Russian Federation and emphasizes the urgent issue of electronic banking regulation.
     Objectives The study aims at identifying the most important areas of banking regulation in electronic banking.
     Results The basis of e-banking is Internet banking (management of bank accounts and bank cards through the Internet and web-browser in on-line mode) and mobile banking (management of bank accounts and bank cards from laptops, PDAs, smartphones and other similar devices). However, apart from obvious advantages, e-banking brought additional risks into banking. To be more precise, the amount of bank risks remained the same, but their technical component has increased significantly. The risk level was impacted by the extension of the operational risk profile; a significant increase in the number of cybercrimes in the financial sector; the use of electronic banking systems in the schemes aimed at money laundering; lack of commercial bank employee training in information security management and associated risks inherent in electronic banking. We have analyzed each of the four causes of additional sources of risk and emphasized the most urgent tasks for regulators and credit institutions to minimize the risks arising in electronic banking.
     Conclusions The latest achievements in information and communication technologies on the basis of the global Internet and mobile communication capabilities have created ideal conditions for introducing the electronic banking technology, however, it is subject to proper regulation.


Cybersecurity in the Internet of Things and electronic banking

Revenkov P.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( pavel.revenkov@mail.ru )

Berdyugin A.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( a40546b@gmail.com )

Journal: National Interests: Priorities and Security, #11, 2016

Importance The need in this research arises since cybersecurity has not been elaborated and studied scientifically and practically, considering the Internet of Things and electronic banking. The article describes the existing conditions for the information-driven society, analyzes possible consequences of the active use of information and communication technologies. We also provide an insight into cybersecurity and enlist unfavorable factors for the information infrastructure development. The online banking development is overviewed in terms of the Internet of Things. The article reviews principal types of cyberattacks, which considerably threat to financial institutions, and indicates factors that trigger the effect of cyberattacks on e-banking systems. The article outlines key areas for improving the cybersecurity and respectively takes e-banking and the Internet of Things into account.
Objectives The research investigates the main issues arising from the development of the Internet of Things and analyzes challenging aspects of ensuring cybersecurity of e-banking in the context of the Internet of Things. We also try to suggest how cybersecurity can be improved for purposes of e?banking and the Internet of Things.
Methods The research reviews cause-and-effect relationships of the e-banking development and issues that banking regulators and supervisors come across.
Results We determined the key areas for improving cybersecurity in the context of e-banking and the Internet of Things.
Conclusions and Relevance We proposed and substantiated specific advice on how to optimize financial relationships, the development of the Internet of Things and more and more sophisticated methods of cybercrimes. The article emphasizes the role of regulators in ensuring cybersecurity of credit and financial institutions in the context of e-banking and the Internet of Things.


Social engineering as a source of risks in online banking services

Revenkov P.V. Financial University under Government of Russian Federation, Moscow, Russian Federation ( pavel.revenkov@mail.ru )

Berdyugin A.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( a40546b@gmail.com )

Journal: National Interests: Priorities and Security, #9, 2017

Importance Intended for stealing confidential information, social engineering is manipulation of people's actions without any technical means, playing upon biases of the human factor. In finance and banking, it causes breaches in data protection that threaten to the business continuity and security. This subject arises from the improper preparation of customers using electronic financial services that results in thefts from bank accounts.
Objectives The research explores the mutual relation of actions undertaken by data generating functions. We also analyze social engineering techniques for swindling a victim, and undertaking appropriate countermeasures. We also devise methods to reinforce cybersecurity.
Methods The research involves mathematical computations and methods of a systems analysis of scientific literature on theoretical and applied researches. We also applied a pedagogical approach to studying and summarizing the existing experience. The article analyzes the cause-and-effect relations from cyber criminal–victim perspectives.
Results We refer to particular examples of social engineering crimes and countermeasures. We substantiate the importance of conventional training for countering cyber crimes. We devise intellectual development methods, organizational and legal methods for countering social engineering. The article describes how the user's social engineering legitimacy correlates with information security violations.
Conclusions and Relevance The value and novelty of this research are that it provides recommendations for elevating users' literacy with respect to remote banking so to mitigate cyber crime risks. The findings can be used by financial and educational institutions to corroborate the dependence of cybercrimes on the users' literacy and intellectual development methods.


Electronic banking security: a service and a responsibility of a bank

Revenkov P.V. Odintsovo Humanitarian University, Odintsovo, Russian Federation ( pavel.revenkov@mail.ru )

Berdyugin A.A. Odintsovo Humanitarian University, Odintsovo, Russian Federation ( a40546b@gmail.com )

Journal: Finance and credit, #8, 2015

Importance The article considers the current conditions of electronic banking systems introduction. The study includes the key figures of activity of the population in the sphere of using electronic financial and payment services in Russia. We emphasize that favorable conditions will contribute to the development of remote banking service technologies in general and electronic banking systems in particular.
     Objectives The objective is to consider the problem of security of electronic banking from the position of a bank and a customer (on the basis of economic component).
     Methods We analyzed the cause and effect of applying e-banking systems and emerging challenges for supervisors.
     Results We identified the most severe problems in electronic banking regulation that relate to imperfect regulatory framework governing the process of electronic banking services delivery, reduction in reliability and stability of credit institutions, as well as weakened control on the part of regulatory authorities. To solve these problems, we identified major tasks in the regulation of safe use of electronic banking systems, i.e. timely update of regulatory framework, adaptation of control over reliability of banking automated systems to the conditions of remote banking services, improving supervision over safe use of electronic banking systems, and continuous improvement of the quality of training of regulatory and control bodies in risk management under conditions of electronic banking. We describe specific threats to information security in electronic banking and the main tasks of the new science, i.e. forensics (computer forensic science). We offer the most effective punishment for cyber criminals in the sphere of information security. We consider the problem of electronic banking security from the position of a credit institution and a customer. The conclusion is that the process of information security in electronic banking services delivery should be comprehensive and continuous. In this case, customers may choose the level of protection of their operations carried out through electronic banking systems based on associated risks (including the maximum amount of money that can be lost).
     Conclusions and Relevance We identified the most pressing problems in the field of electronic banking regulation and proposed to ensure the level of security based on associated risks for the customer.


Electronic banking: provider-related risk

Revenkov P.V. Head of Sector, Banking Regulation and Supervision Department, Bank of Russia ( rpv@mail.cbr.ru )

Journal: Finance and credit, #17, 2011

The article describes advantages of electronic banking, as well as the causes of new sources of banking risks related to its introduction in a credit institution. Causes of provider-related risks emerging during the introduction of electronic banking systems in credit institutions are explored, as well as the ways of identification, assessment and analysis of the banking risks by the Internal Control Division.


The growth of technological component of bank risks in the conditions of electronic banking

Revenkov P.V. PhD in Economics, head of department “Bank regulation and supervision”, Bank of Russia ( rpv@mail.cbr.ru )

Journal: Finance and credit, #6, 2012

In the article the advantage of electronic banking and are named the reasons for the appearance of new sources of the bank risks, connected with his introduction in the credit organizations are presented. The increased attention of risk- subdivisions to the technologies of electronic banking is substantiated. The basic sources of the bank risks, which can appear in connection with the use of systems of electronic banking, are examined.


Electronic banking: risk absence of direct contact between the bank and client

Revenkov P.V. Head of Sector, Banking Regulation and Supervision Department, Bank of Russia ( rpv@mail.cbr.ru )

Journal: Finance and credit, #37, 2010

The article considers advantages of electronic banking systems and the issues related to the absence of a direct contact between a bank and its client. Key reasons for increased attention of risk management units to the electronic banking technologies are presented. Recommendations are provided to enlarge the scope of functions of risk management units taking into account the possible use of this technology for money laundering.


Increase of legal risk in the conditions of remote banking

Revenkov P.V. Bank of Russia, Moscow, Russian Federation ( rpv@mail.cbr.ru )

Ter-Avetisian Kh.A. Bank of Russia, Moscow, Russian Federation ( tka@cbr.ru )

Journal: Finance and credit, #18, 2014

The article considers advantages of systems of remote banking. The authors point out to the main threats from computer swindlers both for clients and for commercial banks in the conditions of action of system's data. The paper offers new sources of legal risk at remote banking according to adoption of the Federal Law "On National payment system" of July 27, 2011 № 161.


Electronic banking: information security risks management

Revenkov P.V. Head of Sector, Banking Regulation and Supervision Department, Bank of Russia ( rpv@mail.cbr.ru )

Journal: Finance and credit, #9, 2010

The article establishes the necessity of implementation of information security measures in credit institutions in connection with dissemination of fraudulent operations via internet, as well as taking into account a set of standards of ensuring information security issued by the Bank of Russia. Operational arrangements aimed at ensuring information security in the course of application of electronic banking technology by credit institutions are considered. Also presented is the analysis of manifestation of the sources of information security risks


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