The role of the financial regulatory authority in cyber security of Russia and Singapore: a comparative legal aspect

• Goryan E.V.

  Gorian E.V. Vladivostok State University of Economics and Service. Vladivostok. Russia

The object of the research is the relations arising from the functioning of the national cybersecurity mechanism. The role of financial regulatory authority in ensuring the cybersecurity of the financial and banking sectors of Russia and Singapore is determined (by the example of
the Central Bank of the Russian Federation and the Monetary Authority of Singapore). The features of the legal status of financial regulatory authorities, which determine the coordinating role in the  institutional mechanism  for  ensuring cybersecurity, are  identified  and com-
pared. The key documents that form the regulatory mechanisms for ensuring cybersecurity of Russia  and  Singapore  are  studied.  In  order  to  obtain  the  most  reliable  scientific  results,  a number  of  general  scientific  (system-structural,  formal-logical  and  hermeneutic  methods)
and special legal methods of cognition (comparative legal and formal-legal methods) will be used. Financial regulatory authorities of Russia and Singapore are entities responsible for the information security for the financial and banking systems. To this end, they are authorized to
adopt regulations that cover such important aspects of banking and financial activities as the protection of critical information infrastructure and money transfers, personal data protection,  outsourcing  services,  etc.  The  advantage  of  the  Russian  financial  regulator  is  its  own
Special Center for Monitoring and Responding to Computer Attacks in the Credit and Financial  Sphere  (FinCERT)  that  cooperates  with  the  public  and  private  sectors.  Interesting  for study and further application is the experience of the Singapore financial regulator cooperation with research centers for data collection and modeling of cyber risks with the further development of cyber risk assessment tools and the use of cyber risk insurance tools, as well as the creation of a consultative commission of international cyber security experts. The powers of the Singapore financial regulator to interfere in the outsourcing process by issuing instructions for returning the process from the outsourcing or changing the outsourcing counterparty deserve attention. The confirmation and logical continuation of the main role declared by the legislation in ensuring the stability of the financial system should be the definition of the Bank of Russia as the center of competence of the federal project "Digital Economy", since  the  financial  regulator  has  all  the  organizational  and  legal  powers,  and  material  resources (FinCERT).

Keywords: financial regulatory authority, financial system, cybersecurity, critical information infrastructure, Russian Federation, Singapore.