Abstract
Security vulnerabilities available in cyber security systems lead to virtual and physical damages to financial systems which in turn cause national- and individual-level security issues. Today's world is being shaped by digital technology, and cyber threats to information constitute a significant risk factor for businesses. This study explores the cyber security risks the banking system may encounter. The status of banking system, a system which includes a number of online services, in Turkey with respect to cyber security risks and the current risks are assessed and presented along with possible solutions. This study analyzes e-payment systems (online banking and e-trade/the use of debit/credit cards) and the supply chain, the backbone of the e-finance system, with respect to national cyber security risks. Nevertheless, cyber risk insurance, an emerging tool for cyber risk management, was analyzed in detail.
TopCyber Security Risks
Aon, one of the global leaders in risk management, insurance, reassurance brokerage and human resources consultation, publishes a number of reports annually based on the opinions of specialists, their know-how and research data available. And one of the most important reports is the Global Risk Management Survey. According to the survey made in 2017, “Damage to Reputation/Brand” was listed on top of a list of 10 risks, which emphasizes the need to manage this risk properly in enterprises. Defective products, fraudulent business practices and corruption remained among the major risks threatening a company’s reputation. Cyber risk, on the other hand, was listed in the fifth position.
Key Terms in this Chapter
Information Systems of Legal and Natural Entities: Any information system operated by legal or natural entities based on the laws of the Republic of Turkey.
IT Systems: Also known as Information and communication technologies. This is the system where all process and services are provided.
Hacking: Gaining unauthorized access to confidential data in a system. It is an act of infiltrating into a system bypassing the system admins.
Critical Infrastructure System: Any system which may lead to disruption in the public order, loss of lives, economical damages, etc. if it is compromised.
Cyber Media: The media that is connected to include the IT systems and networks available in the world and the orbit.
State-Owned Information Systems: Any information systems owned by the Turkish state and its enterprises.
National Cyber Media: Any information system operated by legal or natural entities with a national public information system.
Cyber Security Case: Violation of access and confidentiality of information processed on information systems.
Hacker: A person who gains unauthorized access to personal computers or computers and networks of corporations. Simply put, a hacker tries to gain economic benefits using the security weaknesses of the digital world.