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Cyberthreats remain key risk for financial sector — Bank of Russia

High profitability of credit institutions remains the upside of the banking sector, evidencing successful business models, the deputy governor said

ST. PETERSBURG, July 4. /TASS/. Cyberthreats remain the main risk for the national financial sector, Deputy Governor of the Central Bank OIga Polyakova said at the Financial Congress of the Bank of Russia.

"Speaking about risks and threats, cyber risks are probably the main ones now," OIga Polyakova said. She noted also that the access to foreign software and equipment is restricted.

High profitability of credit institutions remains the upside of the banking sector, evidencing successful business models, the deputy governor said.

Resilience to external shocks, the technology focus and the large capital reserve are also among the upsides of the banking sector, while domination of majors and closed access to "Western" funds are among downsides.