Fortifying Economic Foundations: Cybersecurity Imperatives for a Resilient Financial System

Alina Hyz () and Grigorios Gikas ()
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Alina Hyz: University of West Attica
Grigorios Gikas: University of West Attica

Chapter Chapter 12 in The Role of the Public Sector in Building Social and Economic Resilience, 2024, pp 223-239 from Springer

Abstract: Abstract As the role of the public sector in strengthening social and economic resilience rapidly changes, this chapter, titled “Fortifying Economic Foundations: Cybersecurity Imperatives for a Resilient Financial System”, is a critical analysis of the relationship between cybersecurity measures and the stability of financial systems. Using empirical evidence and theoretical insights, the authors shed light on the specific challenges the financial sector faces in defending against cyberthreats. The starting point for the considerations is to emphasize the role that the financial system plays in maintaining economic stability and providing key services subordinated to social functions. However, with increasing digitization and the development of threats in cyberspace, financial systems are facing an unprecedented challenge. The authors delve into the tactics used by malicious actors, from advanced cyberattacks to ransomware incidents, assessing their impact on economic resilience. The chapter includes a discussion on the use of cutting-edge technologies, a framework for cooperation between the public and private sectors and the creation of a robust regulatory framework to effectively mitigate risk. In summary, this chapter provides strategic recommendations for policymakers, financial institutions and cybersecurity professionals and promotes a proactive approach based on strengthening synergies between the public sector and the financial system in the face of evolving cyberthreats.

Keywords: Cybersecurity; Financial system; Economic stability; Cyberattacks (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-67702-1_12

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DOI: 10.1007/978-3-031-67702-1_12

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