During the full-scale invasion, the number of cyber attacks in Ukraine increased by 3.5 times compared to 2021. Relatively few of them fall on the financial sector – this is how the NBU recorded more than 250 attempts to attack the banking system in 2022. However, the cost of successful attacks can be very high. GlobalLogic explains how technology helps secure the financial system.
The amount of international aid to Ukraine exceeded 38 billion dollars, and the total amount of donations for the Armed Forces and humanitarian initiatives amounted to 98.9 billion UAH. Due to significant financial tranches, the Ukrainian financial system is under the special aim of hackers and criminals. However, the developments of Ukrainian cyber security specialists help to protect the financial sector.
Developments for protection
Developments by Ukrainian GlobalLogic engineers reduce banks’ risks and protect citizens’ funds. Financial institutions use the following technologies:
- Cryptography , which increases the confidentiality of transactions. For example, cryptography is used to protect data transmission between a customer and a bank and in mobile payments.
- Blockchain technology for transparency and security of transactions. Thanks to the blockchain, the internal network strongly reacts to any changes, so intervention from the outside immediately becomes noticeable and allows you to react promptly to it.
- Multi-factor authentication systems for additional protection against attackers. The usual authentication algorithm, where the user enters a login and password, is not enough for complete protection. Therefore, additional authentication factors are used: digital signature, SMS with PIN code, access cards, tokens, etc. It is much more difficult for hackers to intercept them all. And some factors, such as biometrics, are particularly difficult to fake.
- Systems based on artificial intelligence and machine learning to detect and prevent suspicious transactions. It is difficult for analytical specialists to quickly process large volumes of data and notice anomalies (in transactions or authorizations), while AI copes with this task in an instant.
In addition, artificial intelligence and machine learning are used to predict cyber attacks. Machine learning analyzes past attacks on a system, their patterns and trends, and can use this data to prevent future hacking attempts.
Resistance to cyber attacks
Automated banking systems are more resistant to cyber attacks and fraud. For example, the development of GlobalLogic engineers for one of the UK banks reduced fraud cases by 50% and saved up to 3 million pounds every year.
This is what Yulia Shtukaturova, senior vice president of engineering at GlobalLogic, says:
“THE WEAKEST POINT FOR HACKERS IS PEOPLE. USERS OFTEN HELP CRIMINALS THEMSELVES WHEN THEY SET THE SAME PASSWORDS FOR ALL ACCOUNTS OR SHARE THEIR PERSONAL DATA ON SUSPICIOUS SITES.”
In order for as many Ukrainians as possible to know about the rules of network security, GlobalLogic Education experts conduct special courses, such as the recent “Cyber Security Week”.