Mitigation of Cyber Risks in the Field of Electronic Payments Organizational and Legal Measures

Mihail Dudin (), Vadim Zasko (), Evgenia Frolova (), Natalya Pavlova () and Ekaterina Rusakova ()
Additional contact information
Mihail Dudin: Russian Presidential Academy of National Economy and Public Administration RANEPA Moscow Russian Federation, Postal: RU
Vadim Zasko: Russian Presidential Academy of National Economy and Public Administration RANEPA Moscow Russian Federation, Postal: RU
Evgenia Frolova: The Institute of State and Law of the Russian Academy of Sciences RAS Moscow Russian Federation, Postal: RU
Natalya Pavlova: Peoples Friendship University of Russia RUDN University Moscow Russian Federation, Postal: RU
Ekaterina Rusakova: Peoples Friendship University of Russia RUDN University Moscow Russian Federation, Postal: RU

Journal of Advanced Research in Law and Economics, 2018, vol. 9, issue 1, 78-88

Abstract: The issues of ensuring the electronic payments security are currently in the limelight of participants in the monetary system and the scientific expert community The goal of this paper is to develop organizational and legal measures aimed at improving the security of electronic payments in the Russian Federation Research methods include the analysis of retrospective data describing the development of the payment system and electronic payments using bank cards as well as the method of statistical observations and analysis of secondary data from surveys of Russian and foreign companies covering the information security Through solving the research problems the author managed to draw a number of conclusions Dynamic development of the electronic payment system causes the growth of cybercrime and cyber risks in payment systems Despite quite active actions of state bodies and the Bank of Russia the legal framework and infrastructure for electronic payments are still in the development stage Cyber attacks cause significant damage not only to financial institutions but also to companies from a non financial sector as well as to ordinary citizens using electronic payment systems In the opinion of the author the key organizational and legal measures aimed at mitigating cyber risks in electronic payments may be measures to form the centralized payment infrastructure of the Bank of Russia introduce the corporate cyber threat management systems improve policies and procedures for the protection of personal data at the corporate level as well as train the employees in the field of information security of electronic settlements

Date: 2018
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:srs:jarle0:v:9:y:2018:i:1:p:78-88

Access Statistics for this article

Journal of Advanced Research in Law and Economics is currently edited by Madalina Constantinescu

More articles in Journal of Advanced Research in Law and Economics from ASERS Publishing
Bibliographic data for series maintained by Claudiu Popirlan ( this e-mail address is bad, please contact ).