Banks Must Report Hacker Attacks’ Economic Outcomes

18 June 2018 (09:17)

UrBC, Moscow, June 18, 2018. The Bank of Russia’s new accountability regulations relating to leakage of data to do with monetary transactions come into effect for the Russian banks on July 1, 2018.

According to the bank’s press service, the banks no longer have to present the technical parameters indicative of how and why a cyber security issue has emerged. On the other hand, they do have to present the economic parameters indicative of the attacks’ financial outcomes for both the banks and their customers.

For one, the banks must now report on what amounts the hackers tried to steal within any given period and what amounts they actually succeeded in stealing. They also have to indicate the amount of stolen money that got paid back to the customers. This is a necessary piece of information for the Bank of Russia to assess how thorough the banks are in fulfilling their duty of compensating their customers in accordance with the National Payment System Act. The new accountability regulations also cover some indicators of whether the monetary transaction services remained available throughout the entire time of a cyber attack.

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