Cyber Risk in Financial Institutions: A Polish Case

  • Nikoleta MusiałEmail author
Conference paper
Part of the Springer Proceedings in Business and Economics book series (SPBE)


The aim of the article is to indicate the most crucial aspects of cyber risk in the financial institutions as well as the problems connected with cyber security system and relationship with a customer. The article reviews the state of the cyber risk as a potentially one of the most dangerous ways of reputation damaging of a firm as well as a financial loss. Every firm must understand the constantly evolving risk and, moreover, the tools and all techniques to protect their systems. There is no difference between small and big companies in terms of risk. Moreover, not only financial services companies may be in danger. The cyber risk management may be seen as a way for a company to distinguish from its competitors which may build a long-lasting relationship between a client and a company. Security in a cyberspace is one of the most important issues for IT departments but not only. Nowadays, it is very popular to organise the large-scale hacker attacks. The reason of organising such attacks is generally the desire of getting the profit and ransom for the recovery of the data or control over the company’s computers. The attacks may be organised by both; a hacker or employees. Most of the criminals target financial companies because they strongly believe that it is the most profitable. Online and offline fraud incidents have also raised during the last few years. It resulted in monetary and also reputational losses for all the victims—financial institutions. Improving defenses require implementations of new products or systems and people. If a client is aware of the fact that the financial institution is very committed to prevent a fraud or cyber-attack, a good relationship with a customer may be established, as well as the good reputation of a company.


Cyber-attacks Cyber risk Financial institutions 


  1. Castells, M.: The Power of Identity. Blackwell Publishers, Massachusetts (1997)Google Scholar
  2. Camillo, M.: Cybersecurity: Risks and Management of Risks for Global Banks and Financial Institutions. Henry Steward Publications, United Kingdom (2016)Google Scholar
  3. Chin, L.: Financial services: emerging cybersecurity threats and regulations. (2018). Last accessed 1 Dec 2018
  4. Charette, R.: Applications Strategies for Risk Analysis. McGraw-Hill, USA (1990)Google Scholar
  5. Cheol-Kwon, L.: Introduction of a cyber security risk analysis and assessment system for digital I&C systems in nuclear power plants. IFAC Proc. Volumes 46(9), 2140–2144 (2013). Scholar
  6. DarkTrade Homepage: Last accessed 1 Dec 2018
  7. Gawin, M: Największe ataki hakerskie w 2016 roku. Te firmy padły ofiarą cyberprzestępców.,2.html (2016). Last accessed 1 Dec 2018
  8. Gil, P.: What Exactly is ‘Big Data’?. (2018). Last accessed 1 Dec 2018
  9. Hoffman, J.: Cyber Security: Managing Your Risk, Protecting Your Assets. (2014). Last accessed 1 Dec 2018
  10. Hulme, G.V., Goodchild, J.: What is Social Engineering? How Criminals Take Advantage of Human Behaviour. (2017). Last accessed 1 Dec 2018
  11. Kohavi, R., Foster, P.: Glossary of Terms: Machine Learning. Kluver Academic Publishers, Netherlanads (1998)Google Scholar
  12. Kloman, H.F.: Risk management agonists. Risk Anal. 10(2), 201–205 (1990). Scholar
  13. Lepoutre, P., Mirland, P.: Cyber security: trends and implications in financial services. (2017). Last accessed 1 Dec 2018
  14. Maloof, M.: Artificial intelligence: an introduction. (2017). Last accessed 1 Dec 2018
  15. PAP: Potężny atak hakerów. Na liście ponad 200 banków w Polsce.,80/potezny-atak-hakerow-zaatakowano-ponad-200-polskich-bankow,638642.html (2016). Last accessed 1 Dec 2018
  16. Purdy, G.: ISO 31000:2009—setting a new standard for risk management. Perspect. Risk Anal. 30(6), 881–886 (2010). Scholar
  17. Ronka-Chmielowiec, W.: Ubezpieczenia—rynek i ryzyko. Polskie Wydawnictwo Ekonomiczne, Warszawa (2002)Google Scholar
  18. Samuelson, P., Nordhaus, W.: Ekonomia. PWN, Warszawa (2004)Google Scholar
  19. Schofield, J.: How can I remove a ransomware infection? (2016). Last accessed 1 Dec 2018
  20. Sweeney, M., Lubowicka, K.: What is PII, non-PII, and Personal Data? (2018). Last accessed 1 Dec 2018
  21. Business Insider Polska, Słynny Haker Radzi, Jak Chronić Dane Przed Atakami Wykorzystującymi ‘Inżynierię Społeczną’. Last accessed 1 Dec 2018
  22. The Economist, The Weakest Link, if only computer security did not have to involve people. (2002). Last accessed 1 Dec 2018
  23. Tobar, D.: 7 Considerations for Cyber Risk Management. (2018). Last accessed 1 Dec 2018
  24. Torsten, G.: The Foundation of Cyber-Attacks: Credential Harvesting. (2018). Last accessed 1 Dec 2018
  25. WPA: Atak na polskie banki.,410295.html (2018). Last accessed 1 Dec 2018
  26. wGospodarce, Cyberataki w 2017: Nikt nie był bezpieczny. (2018). Last accessed 1 Dec 2018

Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  1. 1.University of Economics in KatowiceKatowicePoland

Personalised recommendations