The impact of cyberattacks on the stability of global financial markets as a manifestation of economic terrorism

Abstract

The article conducts a comprehensive analysis of the impact of cyberattacks on global financial markets, focusing on their characterization as a form of economic terrorism. Various types of cyber threats were discussed, including DDoS attacks, malware infections, phishing techniques and ransomware, highlighting their ability to immediately and long-term destabilize financial institutions. The immediate effects of such attacks include financial disruption, severe financial losses and data theft, which directly impacts customer and investor confidence. The authors analyze in detail the indirect effects of cyberattacks, pointing to a decrease in trust in financial systems, which may lead to the withdrawal of capital and a decline in investment activity on the markets. Moreover, the need to increase investment in security technologies and the development of advanced defense strategies increases the operating costs of financial institutions. The article also highlights the growing threat of cyberterrorism, identified as organized cybercriminal or state-led activities aimed at spreading fear and uncertainty, resulting in long-term socio-economic impacts. In the context of countering threats, the article recommends tightening international cooperation in monitoring and responding to cyber threats. Moreover, exchanging information about threats and best cybersecurity practices is crucial for effective defense against cyberattacks.