The Central Bank of the Russian Federation will punish banks for insufficient protection against cyber attacks

The Central Bank of the Russian Federation will begin to monitor the readiness of banks for cyber attacks. To this end, by the end of 2019, the regulator will assign them risk profiles, said the first deputy director of the information security department of the Central Bank of the Russian Federation, Artem Sychev, as part of the Bank of Russia – XXI Century forum.

The banks will be evaluated by the Central Bank's information security department according to several criteria, including the number of unauthorized operations and willingness to cyber threats.

A low rating threatens the bank with fines and increased supervision by the Central Bank.

Recall that over the past year, hackers carried out more than 600 cyber attacks on Russian banks and stole 1.4 billion rubles from cards.

For the cryptocurrency industry, the issue of cybercrime is also relevant. According to CipherTrace, since the beginning of the year, scammers have stolen $ 4.3 billion in cryptocurrencies.

Often, cryptocurrency exchanges become the target of cyberattacks. Analysts at The Block estimate that the amount of funds withdrawn by hackers from centralized exchanges has already exceeded $ 1 billion.

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