Determining the patterns of using information protection systems at financial institutions in order to improve the level of financial security

Abstract

This paper reports a study aimed at determining the features of using information protection systems at financial institutions in order to improve the level of financial security. It has been proven that under the conditions of digitization of the business environment, information provision is the basis of financial security at both the macro and micro levels. Information has become a strategic resource that needs protection due to the spread of cybercrime. The level of efficiency of information provision and the level of financial security of Ukraine was determined, and the relationship between them was confirmed. Attention is focused on the need to improve these indicators. It has been proven that an effective information protection system enables economic entities to resist dangers and threats. It was substantiated that the intensification of the processes of digitalization of economic activity had created prerequisites for the growth of risks and threats to the integral, uninterrupted, protected circulation of information resources of financial institutions, which leads to huge financial losses. This requires improvement of existing information protection systems. A topology of information protection systems has been presented. An algorithm for building effective information protection systems of financial institutions was proposed, which includes system vulnerability assessment, system assessment for compliance with security standards, penetration testing, and application assessment. Its application would allow financial market entities to promptly respond to real and potential threats, increase the level of information security, and ensure financial stability. The results of the study could also be used by state and local authorities to devise the principles of financial security management at the macro level under the conditions of the digital economy

Investigating the Application of Digital Tools for Information Management in Financial Control: Evidence from Bulgaria

“…It includes a variety of policies and procedures that ensure legality and expediency by assessing the compliance of activities and operations with regulatory requirements at various administrative levels. For this purpose, crucial and critical points in the organization's business processes are identified (Onyshchenko et al 2023). In order to achieve an adequate assessment of information, it is essential to study, identify, and rank the external and internal risks to be reduced to an acceptable level to manage them effectively.…”