The importance of cyber security in the financial sector in the age of digital transformation

Abstract EN

The present article aims to determine The importance of cyber security in the financial sector in the age of digital transformation, by getting an overview of the cyber security as it is defined by specialized literature, international legislation, and perform an analysis of attacks reported in the financial sector over the last view years until the covid-19 crisis, in order to determine patterns and trends in cyber-crime.

Based on the results of the analysis, we find that the hackers chose financial institutions as easy targets due to the fact that they can spread the attack quickly through the interconnected financial system, and because most of the financial institutes still use legacy digital systems.

In this context the international authorities insist on the collective work to enhance the Cyber-risk awareness culture.