Network and economic component of financial cybersecurity indices

Authors

  • Oleksandr Turchynov D.S. (Economic Science), Professor, Chief Researcher, The Institute of Telecommunications and Global Information Space of the National Academy of Sciences of Ukraine, Kyiv, Ukraine https://orcid.org/0009-0002-6014-2687
  • Mykola Khudyntsev Candidate of Physical and Mathematic Science, Associated Professor, Senior Researcher, The Institute of Telecommunications and Global Information Space of the National Academy of Sciences of Ukraine, Kyiv, Ukraine https://orcid.org/0000-0002-9324-6901
  • Oleg Klymenkov Candidate of Engineering Sciences, Senior Researcher, The Institute of Telecommunications and Global Information Space of the National Academy of Sciences of Ukraine, Kyiv, Ukraine https://orcid.org/0000-0001-7664-5225
  • Oleksii Khomenko Postgraduate, The Institute of Telecommunications and Global Information Space of the National Academy of Sciences of Ukraine, Kyiv, Ukraine https://orcid.org/0009-0007-4866-8244
  • Igor Palazhchenko Postgraduate, The Institute of Telecommunications and Global Information Space of the National Academy of Sciences of Ukraine, Kyiv, Ukraine https://orcid.org/0009-0000-0491-7068

DOI:

https://doi.org/10.32347/2411-4049.2025.4.102-113

Keywords:

financial (stock) cybersecurity indices, network and economic indicators (indicators), methodology

Abstract

The main goal of the study is to develop approaches to using financial (stock exchange) cybersecurity indices to assess cybersecurity and the level of maturity of corporate information assets. The objectives of the study are to analyze existing financial (stock exchange) cybersecurity indices, the methodology for their formation, the application of indices to assess the state of national cybersecurity systems and markets, the development of approaches for modeling the behavior of individual financial cybersecurity indices, and to substantiate their application. The paper examines the methodological foundations of the formation of financial cybersecurity indices depending on network and economic indicators. The methodologies for the formation of existing financial (stock exchange) cybersecurity indices are analyzed, and a model of a generalized financial cybersecurity index is proposed. The application of individual index indicators in the national cybersecurity system is investigated, and their use for collecting and processing cyber statistics data is proposed. The possibility of using game-theoretic resource cooperative models to predict the behavior of individual financial cybersecurity indices is analyzed. To assess cybersecurity and the level of maturity of corporate information assets, an independent use of the cyber insurance index (cyber insurance maturity) is proposed, and the domain structure of the financial cybersecurity indices and the cyber insurance index is compared. The results obtained can be used to assess the state of corporate information resources in order to optimize decision-making.

References

Khudyntsev, M.M., Zhylin, A.V., & Davydiuk, A.V. (2021). World Cybersecurity Indices: Overview and Formation Methods (Global Report / Catalog). Kyiv: International Cybersecurity University, G.E. Pukhov Institute for Modelling in Energy Engineering of the NAS of Ukraine. ISBN 978-966-136-887-2. [in Ukrainian].

Khudyntsev, M., Lebid, O., Bychenok, M., Zhylin, A., & Davydiuk, A. (2023). Network Monitoring Index in the Information Security Management System of Critical Information Infrastructure Objects. Lecture Notes in Networks and Systems, vol 809. Springer, Cham. Retrieved from https://doi.org/10.1007/978-3-031-46880-3_17

European Business Association. (2024). Ukrainian cybersecurity market has grown fourfold in eight years. https://eba.com.ua/ukrayinskyj-rynok-kiberbezpeky-zris-u-chotyry-razy-za-visim-rokiv/

Nasdaq OMX. (n.d.). NASDAQ OMX Cloud Computing Index (EMCLOUD): Index overview. https://indexes.nasdaqomx.com/Index/Overview/EMCLOUD

MSCI Inc. (n.d.). MSCI Cybersecurity Index methodology. https://www.msci.com/eqb/methodology/meth_docs/MSCI_CyberSecurity_Index_Methodology.pdf

Vontobel. (n.d.). Tracker certificate on cybersecurity thematic index (CH0292584718). https://markets.vontobel.com/en-ch/products/thematic/tracker-certificates/CH0292584718

Evolve ETFs. (2020). Evolve Cyber Security Index Fund (CYBR): Fact sheet (February 28, 2020). https://evolveetfs.com/wp-content/uploads/2020/03/CYBR-FactSheet-February-28-2020.pdf

Fair Isaac Corporation. (n.d.). FICO® score: How it works. https://www.myfico.com/products/fico-score-how-it-works

Foxberry Ltd. (n.d.). Cybersecurity & data privacy thematic index. https://www.foxberry.com/indices/thematics/cybersecurity_data_privacy_pr

Nasdaq OMX. (n.d.). NASDAQ Healthcare Index (HXR): Methodology. https://indexes.nasdaqomx.com/docs/Methodology_HXR.pdf

Singapore Exchange. (2020). iEdge–FactSet thematic indices: Index methodology (Version 2.2). https://api2.sgx.com/sites/default/files/2020-01/SGX%20Index%20 Services_iEdge-FactSet%20Thematic%20Indices%20-%20Index%20Methodology_v2.2_ 20200117_1.pdf

INDXX. (n.d.). INDXX Cybersecurity Index. https://www.indxx.com/index/indxx-cybersecurity-index

S&P Dow Jones Indices. (n.d.). S&P Kensho™ Cyber Security Index. https://www.spglobal.com/spdji/en/indices/equity/sp-kensho-cyber-security-index/

Nasdaq OMX. (n.d.). NASDAQ Cybersecurity Index: Fact sheet (NQCYBRT). https://indexes.nasdaqomx.com/docs/FS_NQCYBRT.pdf

Nasdaq OMX. (n.d.). NASDAQ Cybersecurity Index: Methodology (NQCYBR). https://indexes.nasdaqomx.com/docs/Methodology_NQCYBR.pdf

Solactive AG. (n.d.). Solactive cybersecurity index: Fact sheet (DE000SLA3UE7). https://www.solactive.com/wp-content/uploads/solactiveip/en/Factsheet_DE000SLA3UE7.pdf

Solactive AG. (n.d.). Solactive cybersecurity index (DE000SLA3WC7). https://www.solactive.com/Indices/?index=DE000SLA3WC7

Khudyntsev, M., Lebid, O., Bychenok, M., Zhylin, A., & Davydiuk, A. (2023). Network Monitoring Index in the Information Security Management System of Critical Information Infrastructure Objects. In: Dovgyi, S., Trofymchuk, O., Ustimenko, V., Globa, L. (eds) Information and Communication Technologies and Sustainable Development. ICT&SD 2022. Lecture Notes in Networks and Systems, vol 809. Springer, Cham. https://doi.org/10.1007/978-3-031-46880-3_17

Khudyntsev, M.M., & Khomenko, O.A. (2025). Information technologies of cyber insurance. Electronic modeling, 47(6), 100-111. https://doi.org/10.15407/emodel.47.06

Branzei, R., Dimitrov, D., & Tijs, S. (2005). Models in cooperative game theory: Crisp, fuzzy, and multi-choice games (Lecture Notes in Economics and Mathematical Systems, Vol. 556). Springer Berlin Heidelberg. https://doi.org/10.1007/3-540-28509-1

Gorda, S. Ye. (2018). Methods of resource-theoretical game analysis of regional development processes (Author's dissertation for the degree of Candidate of Technical Sciences). Institute of Telecommunications and Global Information Space of the National Academy of Sciences of Ukraine. https://itgip.org/wp-content/uploads/2019/01/a_regorda-1111.pdf [in Ukrainian].

Published

2025-12-22

How to Cite

Turchynov, O., Khudyntsev, M., Klymenkov, O., Khomenko, O., & Palazhchenko, I. (2025). Network and economic component of financial cybersecurity indices. Environmental Safety and Natural Resources, 56(4), 102–113. https://doi.org/10.32347/2411-4049.2025.4.102-113

Issue

Section

Information technology and mathematical modeling