Publication: Cyber risks in the financial and banking system: analysis of direct and systemic losses
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Date
2025
Authors
Кришталь, Г.
Самофалова, М.
Сахно, Л.
Федина, В.
Мокієнко, Тетяна Володимирівна
Єрмолаєва, Марина Валентинівна
Kryshtal, H.
Samofalova, M.
Sakhno, L.
Fedyna, V.
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Abstract
The article focuses on the impact of cyber risks on the banking sector and the financial system, particularly in relation to the country's economic stability. The key factors contributing to the emergence of cyber threats are identified, and methods for their mitigation at the level of individual financial institutions are examined. In the course of the study, the authors considered a model based on the analysis of the direct and systemic impact of cyberattacks, taking into account the macroeconomic distribution and the application of the Leontief input-output table. This approach made it possible to create an objective picture of economic losses across all sectors of the economy, rather than solely at the enterprise level. The authors propose an approach to assessing losses through the depreciation of intangible assets and operational risks, which is crucial for accurately determining the consequences for the financial system, the banking sector,
and the competitiveness of individual banks. Revenue reduction due to declining profitability and lost profits is also highlighted as critical factors that must be considered in calculations. The study emphasizes the development of international cybersecurity standards and provides recommendations for active risk management, particularly through risk avoidance, mitigation, and transfer, which are essential for the practical application of the research findings in both business and public administration. The authors demonstrate that further research in the field of cybersecurity, including the analysis of the impact of cyber risks on macroeconomic stability, forecasting the consequences of cyberattacks for GDP and financial stability, and improving cooperation mechanisms between the public and private sectors, is highly relevant. The study has practical value for the development of cybersecurity protection strategies and can be useful for policymakers, regulators, and business leaders seeking to ensure the cybersecurity of economic infrastructure
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Keywords
digitalization, cyber risks, financial system, banking system, competitiveness
Citation
Kryshtal H., Samofalova M., Sakhno L., Fedyna V., Mokiienko T., Yermolaieva M. Cyber risks in the financial and banking system: analysis of direct and systemic losses. Financial and Credit Activity Problems of Theory and Practice. 2025. Vol. 2 (61). PP. 125–140. DOI: https://doi.org/10.55643/fcaptp.2.61.2025.4672