Russian Federation Takes Steps to Enhance Online Banking Security Measures
The Russian financial market has witnessed a significant surge in the adoption of cutting-edge technologies, offering numerous benefits to both providers and consumers of financial services. However, this trend also poses new risks, primarily cyber threats that can have far-reaching consequences.
Cyber Risks in the Russian Financial Sector
Cyber risks in the Russian financial sector include:
- Theft of customer funds
- Financial losses for market participants
- Disruption of financial services provision
- Development of a systemic crisis due to attacks on major institutions
In an effort to mitigate these risks, the Bank of Russia is actively monitoring the cyber resilience of financial institutions and providing them with information on new types of attacks and response strategies. Over 1000 institutions participate in information exchange with Financial CERT, including all Russian banks.
Recent Efforts to Combat Cyber Threats
Recent data shows that:
- In 2023, the shutdown of 3,639 phishing domains was initiated
- More than 550,000 scam phone numbers were blocked
- The Bank of Russia sent notifications about:
- 34,677 domains to restrict access to fraudulent websites
- 4,464 social media groups to restrict access to fraudulent content
- 35 applications to restrict access to fraudulent apps
Strategic Priorities for the Financial Sector
In its Guidelines for Financial Sector Information Security Development in 2019-2021, the Bank of Russia outlines priorities for the near future, including:
- Creating risk profiles for financial institutions and transitioning to risk-based supervision
- Introducing requirements for resilience and smooth operation in case of cyber risks materialization
- Ensuring data management security and preventing data leaks from financial institutions
- Developing a cyber culture within the financial market
Conclusion
These efforts aim to ensure the security and stability of online banking services in Russia, protecting customers’ funds and preventing potential crises. As the Russian financial sector continues to evolve, it is essential to stay vigilant and adapt to emerging threats to maintain trust in the system.