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Information Security

The extensive introduction of cutting-edge technologies to the Russian financial market brings new opportunities to both providers and consumers of financial services: speed, affordability and convenient access to various services are improving steadily. However, new technologies also bear new risks — cyber risks.

Cyber risks include:

  • theft of funds of customers of financial institutions
  • financial losses of market participants
  • disruption of the reliability and continuity of financial services provision
  • development of a systemic crisis due to cyber attacks that hit major institutions

In order to prevent such serious consequences from cyber risks, the Bank of Russia monitors the cyber resilience of financial institutions and notifies them of new possible types of attacks and the means to response to them.

More than 1000 institutions participate in information exchange with Financial CERT, including all Russian banks
More than 90% of thefts from households’ accounts are committed using social engineering techniques
In 2021, the shut-down of 6,213 phishing domains was initiated, and more than 179 thousands scam phone numbers were blocked
In 2021 the Bank of Russia sent information about 3,100 domains to the Prosecutor General’s Office of the Russian Federation to take measures to restrict access to fraudulent websites.

In 2019, the Bank of Russia adopted its first policy document Guidelines for Financial Sector Information Security Development in 2019-2021 which defines priorities for the near future:

  • the creation of risk profiles for financial institutions and the transition to risk-based supervision
  • the introduction of requirements for the resilience and smooth operation of financial institutions in case of cyber risks materialisation
  • requirements for data management security and the prevention of data leaks from financial institutions
  • development of the cyber culture of the financial market
Department responsible for publication: Information Security Department
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Last updated on: 27.12.2022