SYNTHESIS OF COMPLIANCE AND CYBERSECURITY AS A STRATEGIC VECTOR OF STRENGTHENING THE ECONOMIC SECURITY OF THE INSURER

Abstract

The article thoroughly examines the theoretical, methodological and practical principles of ensuring compliance and cybersecurity in the activities of insurance companies in the context of the rapid digitalization of the modern financial sector. The authors prove that the active integration of digital technologies into the insurance market, although it increases the efficiency of business processes, at the same time generates new specific risks, in particular the threats of confidential data leakage, financial fraud and large-scale cyberattacks. The paper substantiates that compliance in insurance companies acts as a multi-level internal control system that guarantees the compliance of the institution's activities with legislative norms and internal policies. In parallel, cybersecurity is considered as a critical set of measures to protect information networks and databases from unauthorized interference or destruction. Particular attention is paid to the synergistic effect of the interaction of these two components, which form the foundation of the insurer's economic security. The authors systematized the key characteristics of compliance and cybersecurity, highlighting their differences in control objects and tools, but emphasizing the single goal - ensuring the legality and security of data. The study identified a wide range of risks, where the most critical impact on the insurer's finances is regulatory and cyber risks, which can lead to direct monetary losses, asset leakage or loss of license. An important aspect of the article is the analysis of the role of international standards (ISO/IEC 27001, GDPR, Solvency II, NIST) in harmonizing the domestic insurance market with European requirements. The implementation of these standards is defined as a strategic step to strengthen the trust of customers and regulators and ensure the continuity of insurance services in crisis situations. In the final part of the work, a set of strategic recommendations is proposed to increase the level of security of insurers, which includes investing in modern cyber protection, automation of compliance procedures and continuous training of personnel. The study results emphasize that only an integrated approach to compliance and cyber threat management allows insurance companies to remain competitive and ensure sustainable development in the digital economy.