Cyber-attacks have price Russian businesses and taxpayers around 3.6 trillion roubles ($49 billion) this year, the nation’s biggest lender Sberbank explained.

Russia has encouraged its citizens to change into bank cards and restrict cash use to attempt and crackdown on the shadow economy, but the amount of crimes linked to bank cards has since taken up by 500 percent this season, the interior ministry has estimated.

Stanislav Kuznetsov, Sberbank’s deputy chairman, who manages services and security, told Reuters personal company and ordinary Russians were the key goals of cyberattacks since the state security services are far better shielded.

“The private sector has become the most vulnerable: everything in your customers’ accounts to financial information and tender documents is targeted: 2.3 million darknet accounts are working in Russian and supplying the stolen information,” he explained.

Russian-speaking cyber offenders operate from Germany, Ukraine, and Venezuela, in addition to Russia, stated the state-controlled Sberbank, which conducts its cybersecurity device BI.ZONE to supply IT security and cyber defense to the lender and others.

While banks, such as Sberbank are far better shielded compared with other areas of the market, telephone fraud – if the customer is requested by an individual claiming to be a bank to supply card information – is getting more prevalent, Kuznetsov said.

He estimated Russians could lose up to 10 billion roubles from telephone fraud this year. He didn’t supply information for 2019.

The Russian central bank listed over half a million unauthorized surgeries across bank account in the country this past year, which saw 6.4 billion roubles stolen from corporate and private bank accounts. ($1 = 73.7290 roubles)

Priyanshu Vijayvargiya

Founder and Editor-in-Chief of 'Virtualattacks Inc' Priyanshu Vijayvargiya is a cybersecurity analyst, Information Security professional, developer, and a white hat hacker.

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