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.
In 2023, the Bank of Russia approved the Basic Guidelines for the Advancement of Information Security in the Financial Sector for the next three years. Their goals and objectives were formulated based on the results of discussions with market participants. The document also takes into account the results achieved during the implementation of the Basic Guidelines for
- protecting consumers of financial services and increasing the level of trust in digital technologies
- creating conditions or safe implementation of digital and payment technologies and ensuring technological sovereignty
- control of information security risks, operational reliability for the continuity of banking and financial services.