Modernization of the mechanism of the financial services market cybersecurity legal support

Abstract

Due to the rapid development of digital technologies, the role of the Internet segment of the financial services market is actively increasing. That is why the issue of cybersecurity in this market is now gaining national importance and is becoming critical to national security. The methodological basis of the study is systemic, and the study used a comprehensive approach, which is manifested in the use of different methods of scientific knowledge depending on specific aspects of the study. The methodological basis of the study is the dialectical method of phenomena and processes cognition. In particular, the comparative legal method, the system and structural method, the statistical method, the logical legal method, the formal legal method and the method of analogy were used.
 The main scientific approaches to counteracting cybersecurity threats in the financial services market are considered. It is proposed to create new and modernize existing legal means to ensure cybersecurity in the financial services market. Emphasis is placed on the need to create a mechanism to stimulate entities engaged in the creation and development of information technology used in the financial services market, and a mechanism to protect such technology. It is proposed to create new special legal regimes for financial services market participants in order to increase the level of cybersecurity. The importance of creating a single state fund to support innovative development is emphasized, which should stimulate the involvement of innovative technologies in the financial sector in order to increase the level of cybersecurity of the financial services market. It is proposed to create a mechanism for the state to guarantee partial compensation to financial market entities for losses caused by cyber attacks, and to form a separate state body that will determine the amount of compensation, compile a list of critical entities for the financial services market, and establish criteria that will provide appropriate financial assistance. The importance of adopting a separate legal act, which will contain the basic rules governing relations in the field of cybersecurity of the financial services market, is emphasized.