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fund to those startups. Furthermore sophisticated investors have the option of investing directly in the startups of their choice.
The startup funding and fundraising have reshaped comprehension of successful project among business community all around the world. Currently, the very ideas can capture the attention of future customers and receive an enormous surge of investments to establish flourishing business on this fundraising system. In this article the major concepts of successful funding are highlighted and the examples of projects showcase primary details of their success.
References
1.Business News Daily http://www.businessnewsdaily.com/4847-crowdfunding-small-business.html
2.Crowdfuding platform https://www.kickstarter.com/
3.Harvard Business review https://hbr.org/2013/05/six-myths-about-venture-capitalists
УДК 001.201
Taspanchik O. T. master student 1st year, International financial faculty Financial University under the Government of Russian Federation
Russia, Moscow
THE MAJOR CYBER SECURITY TRENDS FOR THE FINANCIAL AND COMMERCIAL INSTITUTIONS Abstract. The relevance of this article due to the urgent need to identify the main trends in solving the problems of cybersecurity and identify key components for successful functioning of security systems offinancial institutions. The number of cybercrimes committed against financial institutions is increasing every year, and the total damage exceeds billions of dollars, which undermines the national security of many states. In this article, the common issues and recommendations for improving the functioning of the systems of cybersecurity will be provided.
Key words: cyber security, financial institutions, financial services, national security, cyber attack, cybercrime, cyber resilence, defensive system, threat detection, technologies, cyber security breaches
The financial services sector has become vulnerable to cyber attacks and data breaches since the advent of the computer and the connected systems. Whether it's craving for an access to your account information, steal money or a nation station top secret information. Today, not only are cyber attacks becoming more frequent, they become more persistent, focused and sometimes difficult, often causing a wide resonance. While the majority of the members of the boards of Directors and managers of financial institutions have placed cyber security one of the risks, still often lack a common strategy and concept for improving cyber resilience in the long term.
"Экономика и социум" №3(34) 2017
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The challenge for FS organizations is not trivial. They must be able to demonstrate to their customers and regulators that they have adequate cyberdefensive systems and associated controls and governance, while remaining competitive and able to conduct business efficiently.
Cyber security breaches not only impact operational processes but also impact bottom line, brand and reputation as we have seen with recent cyber attacks. At the same time, threat actors are increasingly deploying a wide range of attack techniques. Indeed NCC Group's recent acquisition of Fox-IT brought with it a rich set of FS focused threat intelligence around crime groups, their techniques, tactics and procedures for targeting such institutions and their customers.
The supply chain is also an increasing means for threat actors to target FS institutions, due to the often relative soft underbelly. FS institutions rely on large supply chains in order to provide many of their services, which can be complex to secure. Threat actors can often circumvent the FS institutions relative robust cyber defence posture by targeting weaker links in their supply chain, meaning that institutions can come under indirect attack even when their own systems are resilient.
Currently, cyber security tend to embrace the most substantial trends concerning complicated of security issue in the modern world.
Cyber security awareness is improving; however extremely slowly. Good cyber security practices are about people as much as they are about processes and technology. It is often unrealistic to expect staff to recognize the difference between a phishing email and a genuine email in all instances. As such while user education can go so far they needed to be blended with technological defenses needed to be resistant to user error or cajolement. A lack of understanding as to the complexity of the challenged faced by institutions often goes to the very top.
A lack of cyber security strategy - Despite the increase in cyber attacks on FS institutions, there is often a lack of vision and strategy which articulates how the organisation will address current gaps, defend against evolving threats and protect the organisation in the long-term. Most security strategies tend to be focussed on threat detection solutions with little focus on aspects such as improving incident response or enhancing cultural awareness towards cyber security, to mention a few.
Technology is a double-edged sword - Financial institutions have developed innovative technologies that enable faster transactions and associated interactions for their customers to increase efficiency and profit margins. But the technology itself can serve as a double-edged sword as this increasing reliance on technology means, should access be disrupted, confidence undermined or similar, then the business ramifications can be significant.
A lack of Cyber Incident Response functions - Most FS institutions still rely on general IT problem management processes in the hope that they will deliver in the event of a major cyber attack. This approach often does not work as the cyber threat landscape continues to evolve and become more complex. A cyber attack
needs to be handled by a specially trained team who understand the different forms of attack such as:
• Insider threats
• Intellectual property theft
• Phishing attacks
• DDoS attacks
One of the methods which are used financial institutions in the quest to cope with growing risks associated with the use of mobile devices, is the use of advanced authentication mechanisms. For example, many banks allow customers to access your accounts through such methods of biometric identification, as voice recognition or the face features- approach, which is more convenient for consumers and increases the level security for financial institutions.
However, there is promising news in the financial sector. Currently, SWIFT is already making efforts to improve cybersecurity and educate banks on how to maintain a secure network. The OCC has increasingly focused on third-party vendors in its standards on security and the SEC chair, Mary Jo White, famously announced that cybercrime is the most pressing threat to global financial systems at the Reuters Financial Regulation Summit in May.
The increasing focus on cybercrime and information security will spur financial institutions to take a stronger look at their security posture, their vendor's security and make strides in third party risk management and proper security assessments.
References
1.Official website PWC. The Global State of Information Security Survey 2016 -http://www.pwc.ru/gsiss2016
2.Official website Security Scorecard ( security rating agency) https://securityscorecard.com/
