Security of Digital Transformation of the Financial Market

  • Yuri M. Avdeev, Liliya Z. Gumerova, Inna M. Vankovich, Olga V. Dymchenko, Vitaly M. Smolentsev, Lyudmila I. Petrova

Abstract

Successful digital transformation requires paying increased attention to security. Some of the world's largest companies have been victims of cyberattacks. Internet Protocol addresses, personal information and finance are constantly at risk. In the digital world content, corporate networks of the past no longer exist. Security must be built directly into all applications.
However, many companies delay the strengthening of their security systems until it is too late. According to Gartner, until 2020, 99% of vulnerabilities in operating systems have been known to IT security specialists for at least a year. This means that companies must first eliminate the existing vulnerabilities that they know.
According to some estimates, almost 85% of the participants in the financial market call digital transformation the main priority for the next 3–4 years, because they see in it not only cost reduction, but also the possibility of creating new business models, new communication with the client, and, in fact, new sources of income. Recently, the financial system of Russia has been catching up with the West in terms of digitalisation and now it is developing faster than Western markets. All this suggests the need for closer attention to ensuring the security of transformation processes taking place in the financial market.

Published
2020-05-09
Section
Articles