During the full-scale invasion, the number of cyberattacks in Ukraine increased 3.5 times compared to 2021. Relatively few of them were in the financial sector – the NBU recorded more than 250 attempts to attack the banking system in 2022. At the same time, the cost of successful attacks can be very high. GlobalLogic explains how technology can help secure the financial system.
International aid to Ukraine has exceeded $38 billion, with the total amount of donations to the Armed Forces and humanitarian initiatives amounting to UAH 98.9 billion. Due to the large financial tranches, the Ukrainian financial system is under the special target of hackers and intruders. However, the developments of Ukrainian cybersecurity specialists help protect the financial sector.
Developments for protection
The developments of Ukrainian engineers at GlobalLogic reduce the risks of banks and protect the funds of citizens. Financial institutions use the following technologies:
- Cryptography, which increases the confidentiality of transactions. For example, cryptography is used to protect data transmission between the client and the bank and in mobile payments.
- Blockchain technology for transparency and security of transactions. Thanks to the blockchain, the internal network reacts strongly to any changes, so external interference becomes immediately noticeable and allows for a prompt response.
- Multi-factor authentication systems for additional protection against intruders. The usual authentication algorithm, where the user enters a username and password, is not enough for full protection. Therefore, additional authentication factors are used: digital signature, SMS with a 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 analysts to quickly process large amounts of data and notice anomalies (in transactions or authorizations), while AI instantly copes with this task.
Besides, AI and machine learning are used to predict cyberattacks. Machine learning analyzes past attacks on the system, their patterns and trends, and can use this data to prevent future hacking attempts.
Resistance to cyberattacks
Automated banking systems are more resistant to cyberattacks and fraud. For example, GlobalLogic engineers’ developments for one of the UK banks have reduced fraud by 50% and saved up to 3 million pounds annually.
Yulia Shtukaturova, Senior Vice President of Engineering at GlobalLogic, said:
“People are the weakest point for hackers. Users often help criminals themselves when they set the same passwords for all accounts or share their personal data on suspicious websites.”
To ensure that as many Ukrainians as possible are aware of the rules of online security, GlobalLogic Education experts conduct special courses, such as the recent Cyber Security Week.
