The legal and security aspects of ICT and industry 4.0 importance for financial industry 4.0 development

Abstract

PURPOSE: The research aims to characterize legal and security aspects of Information and Communication Technologies (ICT) and Industry 4.0 importance for Financial Industry 4.0 development. The aim of the topic was to demonstrate the growing importance of ICT implementation in analyses of complex research conducted in Financial Industry 4.0 by conducting research on Big Data Analytics.

DESIGN/METHODOLOGY/APPROACH: Authors discuss various legal regulations, security aspects - threats and solutions for ICT and Industry 4.0 in order to examine how big of an impact they have for Financial Industry 4.0 development. Article indicates one of the development key directions of analytics conducted on Big Data Analytics analytical platforms, i.e., sentiment analysis use to assess the perception and Internet users awareness in a specific issue, on example of selected issues of ICT, technological revolution, Industry 4.0, various technological and security risk categories and selected economic categories - Financial Industry 4.0. Authors use elements of concept - descriptive and improving functional and modeling as well as diagnostic and functional.

FINDINGS: The working hypothesis refers to the assumption that current legal regulations of ICT and Industry 4.0 shall be further adjusted in order to face ever-growing demands of cyberthreats and security measures shall be constantly developed in order to protect critical infrastructure as Financial Industry 4.0. Implementation and lack of transparency with disclosure of number and scale of attacks create additional weak points.

PRACTICAL IMPLICATIONS: As a result of conducting the research, it is possible to identify threats and present some recommendations for legal and security aspects of ICT and Industry 4.0 so Financial Industry 4.0 can be developed safely as a part of critical infrastructure.

ORIGINALITY/VALUE: This is a complete research for legal and security aspects of ICT and Industry 4.0 importance for Financial Industry 4.0 development.