ENSURING THE SECURITY OF THE BANKING SYSTEM ON THE BASIS OF THE METASPACE OF FINTECH SERVICES
Abstract
The article examines the processes of ensuring banking security on the basis of the FinTech services metaspace. A methodological approach to ensuring the security of the banking system is presented using the regulatory stabilizers of the NBU SEP, which, on the basis of the FinTech services metaspace, eliminate threats to payment systems in the banking information space, stabilize the protection of participants and users of the payment portfolio of banking institutions from disinformation and fraud. A synergistic model of security of the NBU SEP is proposed, taking into account the securitization of the payment portfolio of banking institutions in the financial market to prevent threats and meet the needs of participants and users in banking services. Criteria for the level of security of the NBU SEP are recommended. It is proven that the digital transformation of the banking system enables the level of security of the NBU SEP and the country's economic growth. The innovative FinTech services metaspace in the Blockchain network is a connecting link between traditional and new financial products of banks. It simplifies the integration of banks with the world of cyber-physical systems and digital assets, optimizes financial transactions and is the foundation for the development of digital finance. However, the legitimacy of Blockchain, provided that regulators are conservatism, leads to a split between public and private Blockchain platforms. Accordingly, the modernization of legislation on the regulation of the banking system of the metaspace of FinTech services, in the context of further digitalization of the economy, will lead to changes in the NBU's SEP regulators, which will have a holistic connection in the banking information platform in accordance with the requirements of the legislation of the European banking system in connection with Ukraine's desire to become a member of the EU and create transparent conditions for building a new financial market infrastructure, increasing the financial literacy of the population regarding financial innovations and digitalization of services in the future.
References
Abramova A. The risk system of commercial banks in conditions of digitalization. Problems and prospects of management economics. 2021. Vol. 4(28). P. 186-193.
Bahuguna A., Bisht R.K., Pande J. Country-level cybersecurity posture assessment: Study and analysis of practices. Information Security Journal. 2020. Vol. 29(5). P. 250-266.
Bakalynskyi O. Model and methods for determining the design characteristics of information security management systems. URL: https://www.researchgate.net/publication/348788054 (дата звернення: 07.11.2024).
Barr M.S., Harris A., Menand L., Xu W. Building the Payment System of the Future: How Central Banks Can Improve Payments to Enhance Financial Inclusion. Center on Finance, Law & Policy. 2020. Vol. 1-28. URL: https://financelawpolicy.umich.edu/sites/cflp/files/2021-07/cbotf-paper-3-future-payment-systems.pdf (дата звернення: 07.11.2024).
Blockchain success. URL: https://www.ibm.com/topics/blockchain (дата звернення: 07.11.2024).
Dadoukis A., Fiaschetti M., Fusi G. IT adoption and bank performance during the Covid-19 pandemic. Economics Letters. 2021. Vol. 204.
Doran N.M., Bădîrcea R.M., Manta A.G. Digitization and financial performance of banking sectors facing Covid-19 challenges in central and eastern european countries. Electronics (switzerland). 2022. Vol. 11(21).
EIB issues its first ever digital bond on a public Blockchain. URL: https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain (дата звернення: 07.11.2024).
FAQs on a Digital Euro. URL: https://www.ecb.europa.eu/euro/digital_euro/faqs/html/ecb.faq_digital_euro.en.html (дата звернення: 07.11.2024).
Global Blockchain in finance sector. URL: https://www.computerworld.com/article/3356502/global-blockchain-spending-to-hit-124b-by-2022-finance-sector-leads-growth.html (дата звернення: 07.11.2024).
Global Network of Financial Innovations. 2021. National Bank of Ukraine. URL: https://bank.gov.ua/ua/news/all/natsionalniy-bank-priyednavsya-do-globalnoyi-mereji-finansovih-innovatsiy (дата звернення: 10.11.2024).
Huo P., Wang L. Digital economy and business investment efficiency: Inhibiting or facilitating? Research in International Business and Finance. 2022. Vol. 63. https://doi.org/10.1016/j.ribaf.2022.101797
ISA/IEC 62443. URL: https://www.isa.org/standards-and-publications/isa-standards/search (дата звернення: 10.11.2024).
ISO/IEC 27001. URL: https://www.iso.org/isoiec-27001-information-security.html (дата звернення: 10.11.2024).
Is Bitcoin “Digital Gold”? The Value of Bitcoin. URL: https://www.moonpay.com/learn/bitcoin/bitcoin-digital-gold (дата звернення: 10.11.2024).
Javed A., Lakoju M., Burnap P., Rana O. Security analytics for real-time for ecasting of cyber attacks. Software-practice and experience. 2022. VOL. 52(3). P. 788-804.
Laitsou E., Kargas A., Varoutas D. Digital Competitiveness in the European Union Era: The Greek Case. Economies. 2020. Vol. 8(4).
Naderi E., Pazouki S., Asrari A. A remedial action scheme against false data injection cyber attack sin smart transmission systems: Application of thy ristor-controlled series capacitor (TCSC). IEEE Transaction son Industrial Informatics. 2022. Vol. 18(4). P. 2297-2309.
Roshan Y.E., Abdi Y. ICT and Information Asymmetry. New Evidence of the Financial System in Selected MENA Countries. Iranian Economic Review. 2022. Vol. 26(2). P. 445-458.
Stanikzai A.Q., Shah M. A. Evaluation of cyber security threats in banking systems. Paper presented at the 2021 IEEE Symposium Series on Computation al Intelligence, SSCI 2021 – Proceedings. DOI: https://doi.org/10.1109/SSCI50451.2021.9659862
The ICT Development Index (IDI): conceptual framework and methodology. International Telecommunication Union. URL: https://www.itu.int/en/ITU-D/Statistics/Pages/publications/mis2016/methodology.aspx (дата звернення: 10.11.2024).
Towards the capital markets. URL: https://www.accenture.com/us-en/insights/capital-markets/capital-markets-vision-2025 (дата звернення: 10.11.2024).
Trusova N.V., Chkan I.A., Radchenko N.G., Yakusheva I.Y., Rubtsova N.N. Banking Innovations: Marketing Support in the Financial Market of Ukraine. Economic Alternatives. 2023. Vol. 2. Р 384-408.
Trusova N.V., Chkan I.O., Kondratska N.M., Zakharova N.Yu., Osypenko S.O. Cybersecurity of the Banking Sector in the Context of Digitalization of the World’s Economy. The Banking Law Journal. 2023. Vol. 140(9). P. 471-502.
Кльоба Л.Г. Цифровізація – інноваційний напрямок розвитку банків. Електронне наукове фахове видання. Ефективна економіка. 2018. № 12. URL: http://www.economy.nayka.com.ua/pdf/12_2018/86.pdf (дата звернення: 07.11.2024).
Кондрацька Н.М. Фінансово-економічна безпека банківських установ: загрози та шляхи їх подолання. Вісник Національного університету водного господарства та природокористування. Економічні науки. 2019. № 4. С. 48-60.
Міністерство цифрової трансформації України. URL: https://thedigital.gov.ua/ (дата звернення: 12.11.2024).
Національний банк України, «Е-гривня». URL: https://bank.gov.ua/ua/payments/e-hryvnia (дата звернення: 12.11.2024).
Українська асоціації ФінТех та інноваційних компаній (UAFIC). URL: https://fintechua.org/market-map (дата звернення: 12.11.2024).
Abramova A. (2021). The risk system of commercial banks in conditions of digitalization. Problems and prospects of management economics, no. 4(28), pp. 186-193.
Bahuguna A., Bisht R. K., Pande J. (2020) Country-level cybersecurity posture assessment: Study and analysis of practices. Information Security Journal, no. 29(5), pp. 250-266.
Bakalynskyi O. (2020). Model and methods for determining the design characteristics of information security management systems. Available at: https://www.researchgate.net/publication/348788054 (accessed November 7, 2024).
Barr M. S., Harris A., Menand L., Xu W. (2020). Building the Payment System of the Future: How Central Banks Can Improve Payments to Enhance Financial Inclusion. Center on Finance, Law & Policy, vol. 1-28. Available at: https://financelawpolicy.umich.edu/sites/cflp/files/2021-07/cbotf-paper-3-future-payment-systems.pdf (accessed November 7, 2024).
Blockchain Success. (2022). Available at: https://www.ibm.com/topics/blockchain (accessed November 7, 2024).
Dadoukis A., Fiaschetti M., Fusi G. (2021). IT adoption and bank performance during the Covid-19 pandemic. Economics Letters, no. 204.
Doran N. M., Bădîrcea R. M., Manta A. G. (2022). Digitization and financial performance of banking sectors facing Covid-19 challenges in central and eastern european countries. Electronics (switzerland), no. 11(21).
EIB issues its first ever digital bond on a public Blockchain. (2021). Available at: https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain.
FAQs on a digital euro. (2024). AVAILABLE AT: https://www.ecb.europa.eu/euro/digital_euro/faqs/html/ecb.faq_digital_euro.en.html (accessed November 7, 2024).
Global Blockchain in finance sector. (2022). Available at: https://www.computerworld.com/article/3356502/global-blockchain-spending-to-hit-124b-by-2022-finance-sector-leads-growth.html (accessed November 7, 2024).
Global Network of Financial Innovations. (2021). National Bank of Ukraine. Available at: https://bank.gov.ua/ua/news/all/natsionalniy-bank-priyednavsya-do-globalnoyi-mereji-finansovih-innovatsiy (accessed November 10, 2024).
Huo P., Wang L. (2022). Digital economy and business investment efficiency: Inhibiting or facilitating? Research in International Business and Finance, no. 63. DOI: https://doi.org/10.1016/j.ribaf.2022.101797
ISA/IEC 62443. Available at: https://www.isa.org/standards-and-publications/isa-standards/search (accessed November 10, 2024).
ISO/IEC 27001. Available at: https://www.iso.org/isoiec-27001-information-security.html (accessed November 10, 2024).
Is Bitcoin “Digital Gold”? The Value of Bitcoin. Available at: https://www.moonpay.com/learn/bitcoin/bitcoin-digital-gold (accessed November 10, 2024).
Javed A., Lakoju M., Burnap P., Rana O. (2022). Security analytics for real-time for ecasting of cyber attacks. Software-Practice and Experience, no. 52(3), pp. 788-804.
Laitsou E., Kargas A., Varoutas D. (2020). Digital Competitiveness in the European Union Era: The Greek Case. Economies, no. 8(4).
Naderi E., Pazouki S., Asrari A. (2022). A remedial action scheme against false data injection cyber attack sin smart transmission systems: Application of thy ristor-controlled series capacitor (TCSC). IEEE Transaction son Industrial Informatics, no. 18(4), pp. 2297-2309.
Roshan Y. E., Abdi Y. (2022). ICT and Information Asymmetry. New Evidence of the Financial System in Selected MENA Countries. Iranian Economic Review, no. 26(2), pp. 445-458.
Stanikzai A. Q., Shah M. A. (2021). Evaluation of cyber security threats in banking systems. Paper presented at the 2021 IEEE Symposium Series on Computation al Intelligence, SSCI 2021 – Proceedings. DOI: https://doi.org/10.1109/SSCI50451.2021.9659862
The ICT Development Index (IDI): conceptual framework and methodology. International Telecommunication Union. (2016). Available at: https://www.itu.int/en/ITU-D/Statistics/Pages/publications/mis2016/methodology.aspx (accessed November 10, 2024).
Towards the capital markets. (2020). Available at: https://www.accenture.com/us-en/insights/capital-markets/capital-markets-vision-2025 (accessed November 10, 2024).
Trusova N. V., Chkan I. A., Radchenko N. G., Yakusheva I. Y., Rubtsova N. N. (2023). Banking Innovations: Marketing Support in the Financial Market of Ukraine. Economic Alternatives, no. 2, pp. 384-408. (in Ukrainian)
Trusova N. V., Chkan I. O., Kondratska N. M., Zakharova N. Yu., Osypenko S. O. (2023). Cybersecurity of the Banking Sector in the Context of Digitalization of the World’s Economy. The Banking Law Journal, no. 140(9), pp. 471-502. (in Ukrainian)
Kloba L. G. (2018). Digitalization – an innovative direction of bank development. Electronic scientific professional publication. Effective economy, no. 12. Available at: http://www.economy.nayka.com.ua/pdf/12_2018/86.pdf (accessed November 7, 2024).
Kondratska N. M. (2019). Financial and economic security of banking institutions: threats and ways to overcome them. Bulletin of the National University of Water Management and Environmental Management. Economic Sciences, no. 4, pp. 48-60. (in Ukrainian)
Ministry of Digital Transformation of Ukraine. (2023). Available at: https://thedigital.gov.ua/ (accessed November 12, 2024).
National Bank of Ukraine, “E-hryvnia”. (2022). Available at: https://bank.gov.ua/ua/payments/e-hryvnia (accessed November 12, 2024).
Ukrainian Association of FinTech and Innovation Companies (UAFIC). (2021). Available at: https://fintechua.org/market-map (accessed November 12, 2024).