Finance and Credit

Cyber attacks as a source of operational risk in electronic banking

Vol. 24, Iss. 3, MARCH 2018

Received: 8 February 2018

Received in revised form: 22 February 2018

Accepted: 12 March 2018

Available online: 29 March 2018

Subject Heading: Banking

JEL Classification: G21, G32, L86

Pages: 629—640

Revenkov P.V. Financial University under Government of Russian Federation, Moscow, Russian Federation

Berdyugin A.A. Financial University under Government of Russian Federation, Moscow, Russian Federation

Importance Due to the use of computer technologies by credit institutions their operational risk is growing. The main task of operational risk management is to streamline banking business processes. The article examines relationships of sources, types and consequences of operational risk in e-banking.
Objectives The study aims to analyze operational risk associated with increased access to financial services and develop methods to improve operational risk management in e-banking systems.
Methods We employ general scientific methods of cognition, like analysis, synthesis, induction, deduction, and analogy, certain techniques of systems analysis of scientific literature on theoretical and applied research, and a graph method to interpret investigated phenomena.
Results Based on reviewed laws and regulations, statistical reports, works of domestic and foreign specialists in banking risk management, we formulate methods for improving the operational risk management in electronic banking systems and recommendations on how to reduce this risk.
Conclusions and Relevance The findings may be useful for scientists studying operational risk inherent in remote banking.

Keywords: electronic banking, e-banking, Basel Committee, cyber attack, operational risk


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