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Russian regulator proclaims banks safe from cyber-attack

Chris Hamblin, Editor, London, 11 January 2017

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Elvira Nabiullina, the head of Russia's central bank, has stated that the country's banks are 'protected adequately' from cyber-threats, a statement that might well embolden Europe's legions of phishers, network sniffers, packet spoofers and others.

Nabiullina made her comment, which some might think complacent, in an interview with Rossiya 24 TV.

In March last year, the central bank decided to double the headcount at its FinCERT anti-cyber-crime unit which helps other banks stiffen their defences. Artyom Sychev, the unit's deputy head, told the press that the unit was to grow to a total of 16 people, with a budget in the €30-40 million range.

Just last month, hackers (who still remain unidentified) tried to stead 2.87 billion roubles (US$45 million) from correspondent accounts belonging to the central bank and various private banks. They faked a client's credentials and stole some $19 million, with the bank recovering $26 million.

Predictably, the Russian government has reacted to the exposée of Hillary Clinton's backers at the top of the US Democratic Party doing their level best to disrupt the presidential nomination campaign of her rival Bernie Sanders, and the party's subsequent accusations that the Russian Government hacked and circulated the incriminating documents, with a proclamation that Russia is on the brink of a co-ordinated cyber-attack on its banks by "foreign spy agencies," according to Reuters. The massive attack might, according to the government, be accompanied by a social media propaganda campaign designed to create runs on those banks. Fortunately for the US, none of the dozens of countries in whose elections it has interfered over the years is threatening similar action against American banks.

The Banker, which is based in the UK, recently named Elvira Nabiullina as "banker of the year." She has been at the helm since 2013.

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