Consumer asset security in the European Union financial sector exploring cybercrime from the lenses of law and economics

Abstract

The Bachelor Thesis examines consumer asset security in the global financial system, impact from cybercrime, as well as the well-being of financial institutions and consumers. Author believes that that the economic stability of financial institutions is potentially harmed by the cybercrime and provides significant negative impact on those. The Thesis consists of three chapters, where author analyses cybersecurity reports, discusses the law of cybersecurity, economic impact from cybercrime and provides conclusions and recommendations. The evaluation of consumer asset protection measures are evaluated by author, such as GDPR, NIS2, PSD2, DORA and many others. Author emphasizes that nowadays cybersecurity is a major problem that is discussed all over the world. The problem of increasing number of cyber criminals and their advancing abilities also poses a major threat to consumers in the digital era. The Thesis explores different methods of cyberattacks, as social engineering, phishing, ransomware attacks and payment fraud and evaluates their impact on the global financial system, as well as evaluates consumer victimization in different countries.