It is possible to create a single central database of fraudsters in Bank of Russia’s FinCERT, an automated incident processing system for the entire financial market. This was announced by Elvira Nabiullina, head of the Central Bank of the Russian Federation, on Thursday, February 16. TASS.
“This is a data exchange infrastructure between banks, which will enable a better anti-fraud system to be established. We will work on it, I think it is very promising. But there must be an exchange of information between financial institutions, because it is one of the prerequisites for speed in decision making.
And speed is the most important thing right now in the fight against fraudulent schemes.”
According to him, the Russian financial sector is further developing technologically. The head of the regulator noted that against this background, cyber risks have increased, which have become a priority in the activities of the Central Bank of the Russian Federation.
“We see the financial sector very actively penetrating various sectors, creating ecosystems, and indeed a person’s daily life is concentrated in one or two applications.
In this case, we need to protect people’s data and money,” stressed Nabiullina.
He added that cyber security has become an increasingly important priority for the Central Bank and the entire financial sector. “Last year we have seen how strong and frequent cyberattacks on the financial sector have become. “The scale of tasks is growing,” said the head of the Central Bank.
Nabiullina expects a turning point in the fight against cyber threats to be possible in 2023.
“We will reach the speed we need. I think in 2023 a turning point is possible in our biggest financial institutions, they are able to achieve it. For the entire financial system, this could happen in three years at the latest. This means that, in absolute terms, the damage to the population must start to decrease,” he said. explained.
At the same time, the head of the regulatory body predicts that the number of cyberattacks on the Russian financial system will increase. will continue to grow – there has not yet been a turning point in the fight against them.
“The volume of damage increases, but not as much as the number of attacks, the success of the attacks decreases. If you look at the share of fraudulent attacks in non-cash trade, it has decreased. I disagree with my colleagues here that it is an illusion that there will be a turning point. We must achieve this, ”said Nabiullina.
He stated that efforts to combat cyber threats continue, but are fragmented and slow.
“Scammers are as creative and very focused as they always are, they are faster than us. So speed is just as important as unique coordination. This is a really big threat that we all have to contend with,” he said.
About base rate and currency restrictions
In his speech, the Central Bank of Russia does not see opportunities for systemic liberalization of existing currency restrictions.
According to him, in March 2023 the restrictions for individuals will be extended.
Nabiullina added that the Central Bank will consider raising the interest rate in 2023 if financial risks materialize.
“As for the decision in March, we still have time, we will follow and analyze the trends. However, as we signaled last time, if financial risks materialize, we will evaluate the appropriateness of the rate hike.
And the probability of a rate hike this year is higher than a rate cut,” he said.
At its meeting on February 10, the Central Bank of Russia Board decided to keep the key interest rate at 7.5% per annum. Nabiullina later noted that pro-inflationary risks in the Russian economy as a whole have increased, so the probability of raising the key interest rate in 2023 exceeds the probability of falling.
Source: Gazeta
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