Cyber crime has cost Russia $49 billion in 2020, Sberbank says | HT Tech

Cyber crime has cost Russia $49 billion in 2020, Sberbank says

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. 

By:REUTERS
| Updated on: Dec 30 2020, 18:37 IST
Russian-speaking cyber criminals have been operating from Germany, Ukraine and Venezuela. 
Russian-speaking cyber criminals have been operating from Germany, Ukraine and Venezuela.  (Pixabay)

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.

You may be interested in

MobilesTablets Laptops
7% OFF
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
23% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage

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.

Also read
Looking for a smartphone? To check mobile finder click here.

"The private sector is the most vulnerable: everything from the clients' accounts to financial data and tender documents are targeted: there are 2.3 million darknet accounts operating in Russian and offering the stolen data," he said.

Also Read: Firms in India are facing more cyberattacks than any other country

Russian-speaking cyber criminals operate from Germany, Ukraine and Venezuela, as well as Russia, said the state-controlled Sberbank, which runs its own cybersecurity unit BI.ZONE to provide IT protection and cyber defence for the bank and for others.

While banks, including Sberbank are better protected compared with other parts of the economy, phone fraud - when the client is asked by a person claiming to be a bank employee to provide a card's data - is becoming more common, Kuznetsov said.

He estimated Russians may lose as much as 10 billion roubles from phone fraud this year alone. He did not provide data for 2019.

The Russian central bank recorded more than half a million unauthorised operations across bank accounts in the country last year, which saw 6.4 billion roubles stolen from private and corporate bank accounts.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 30 Dec, 18:37 IST
NEXT ARTICLE BEGINS