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Sberbank estimates Russian economy’s losses from cyberattacks at $10.3-11.1 bln annually

The Russian bank noted an increase in the number of cyberattacks by 20% since the beginning of the year

© Kirill Kukhmar/TASS

MOSCOW, November 28. /TASS/. Sberbank estimates annual losses of the Russian economy due to cybercrimes as totaling 600-650 bln rubles ($10.3-11.1 bln), Deputy Chief Executive Officer of the bank Stanislav Kuznetsov said on Tuesday.

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Russian economy’s losses from cyber threats may surge fourfold in two years

"According to our estimates, this figure is at least 600-650 bln rubles ($10.3-11.1 bln) per year," the banker said.

Two medium-size Russian banks lost 800 mln rubles ($13.7 mln) as a result of cyber-criminals’ action in August 2017, Kuznetsov said. Global damages are much higher.

"President of the World Economic Forum mentioned a figure shocking for everyone two weeks ago in Geneva - losses of global economy due to cybercrimes approached $1 trillion," he said.

Sberbank noted an increase in the number of cyberattacks by 20% since the beginning of the year, Kuznetsov said in September on the sidelines of the Eastern Economic Forum.

The bank repelled 74 cyberattacks on its systems in 2016, he noted earlier.

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