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Damage from cyber attacks to double globally to at least $1 trillion by 2020

The Central Bankhead said fighting cybercrime is one of the key priorities

MOSCOW, September 13. /TASS/. Losses from cyber attacks by 2020 will double to at least $1 trillion globally, Head of Sberbank Herman Gref said on Tuesday at a press conference after a meeting of the bank's supervisory board.

"The damage from cyber attacks by 2020 in the world will double to at least $1 trillion," he said, noting that assessing such damage in Russia is difficult due to lack of a custom to declare these kinds of losses.

Gref added that for September it is most difficult to resist the attacks done through the methods of the so-called "social engineering". However the bank reflect 90% of intruders’ attacks.

The Central Bank Governor Elvira Nabiullina said earlier that fighting cybercrime is one of priorities among the Central Bank’s activities. "Fighting cybercrime is the key priority. We should enhance the (financial) system immunity to this type of crimes," she said.

Earlier this year, Prime Minister Dmitry Medvedev said that the threat of cybercrime in the banking sector is transnational in nature, the losses from hacker attacks on the banking system at the global level are estimated at $500 bln.

Medvedev added that the number of such crimes is growing in Russia, and there is not enough experience and strength to confront this phenomenon. "It is almost impossible to fight such crimes alone - cyber security is expensive. We need joint efforts to combat e-crime," he said.

According to the research of Group-IB, Internet Initiatives Development Fund and Microsoft presented earlier this year, the damage to the Russian economy from cybercrime in 2015 amounted to more than 200 bln rubles ($3.05 bln) or 0.25% of the country’s GDP.