CYBER THREATS AND SECURITY CHALLENGES IN THE HUNGARIAN FINANCIAL SECTOR

Abstract

In recent years an increasing trend has been observed with regard to the number of cyber-attacks in the banking industry, which demonstrates the importance of information security in this sector. The goal of the present case study is to gain a better understanding of information security within critical infrastructure protection by discussing the challenges and practices of the Hungarian financial sector. First, the sector’s essential services are identified. Then, the most current sector-specific cyber threats are described, based on data collected from the relevant literature and public authority reports. The final part presents a reasonably comprehensive overview of the key points of information security and best practices based on regulations, recommendations and standards. Key words Information security, cyber threat, cyber security, cyber resilience, financial sector, bank, Hungary.