IMPROVING CYBER RISK ASSESSMENT AND MANAGEMENT IN COMMERCIAL BANKS: THE EXPERIENCE OF UZBEKISTAN AND CONTEMPORARY APPROACHES

Abstract

This article examines the theoretical, institutional, and practical aspects of cyber risk assessment and management in commercial banks. The purpose of the study is to analyze the impact of digital transformation on cyber risks in banking, to examine modern approaches to cyber risk assessment and management, and to develop practical recommendations for the banking sector of Uzbekistan. The study applies a systemic approach, comparative analysis, legal and regulatory analysis, and institutional analysis. The findings show that the expansion of digital banking services, mobile applications, electronic payments, fintech integrations, and external digital infrastructures requires cyber risk to be treated not merely as a component of operational risk, but as an independent strategic risk affecting financial stability, operational continuity, and customer trust in commercial banks. The comparative analysis of international and national practices demonstrates that effective cyber risk management depends on corporate governance, risk appetite, information sharing, institutional coordination, and the improvement of digital literacy. Based on the results, the article proposes scientific and practical recommendations for improving cyber risk assessment and management in the commercial banks of Uzbekistan.