image credit: Pixabay

Cyber Attacks Cost Russian Companies and Citizens $49B in 2020: Sberbank

December 29, 2020

MOSCOW – Cyber attacks have cost Russian companies and citizens up to 3.6 trillion roubles ($49 billion) this year, the country’s largest lender Sberbank said.

Russia has encouraged its citizens to switch to bank cards and limit cash use to try to crack down on the shadow economy, but the number of crimes linked to bank cards has shot up by 500% this year, the interior ministry has estimated.

Stanislav Kuznetsov, Sberbank’s deputy chairman, who oversees security and services, told Reuters private business and ordinary Russians were the main targets of cyber attacks, as the state security services are better protected.

Read More on Insurance Journal