THE EU EXPERIENCE ON DEVELOPING AND IMPLEMENTING A NATIONAL CYBER RESILIENCE STRATEGY FOR THE FINANCIAL SECTOR

Abstract

Given the evolving landscape of technological advancements and the proliferation of sophisticated criminal activities, fortifying the cyber resilience of the financial sector stands as a paramount obligation for regulatory bodies. In recent years, numerous international, European, and national regulatory frameworks, as well as industry standards, have emerged to address the domains of information security and cyber protection. Specialized European organizations and the national governments of European countries have made significant strides in developing effective legislation to combat cybercrime, conducting informational and educational campaigns for personal and corporate cyber protection, and seeking mechanisms to bolster the cyber resilience of economic entities. Considering this, the article aims to conduct a comparative analysis of the European and Ukrainian approaches to formulating and executing national strategies focused on enhancing the cyber resilience of the financial system. The article delves into the analysis of cyber incidents and data breaches within the financial sector. It performs a comparative assessment of the primary achievements in ensuring the cyber stability of the financial system across European Union countries and Ukraine. This evaluation encompasses key components: the foundational principles of cyber security strategy, defenses against cyber threats, responses to cyber incidents, and the evolution of cyber security systems. Recognizing the progress achieved in the development of national cyber security systems, the authors ascertain that the response procedures for cyber incidents, individual elements within the national cyber security framework, and the regulatory requirements for the cyber security of financial institutions necessitate further enhancement. These enhancements should align with the evolving cyber landscape, ensuring adaptability and robustness in the face of emerging threats and technological advancements. This involves continuous updates to defensive measures against cyber threats and the augmentation of response protocols to effectively counter evolving attack methodologies.