Cyberthreats as a modern challenge to the security of the banking sector in Russia

With the development of digital technologies and the widespread digitalization of financial services, there has been an exponential increase in the number and complexity of cyber threats, which pose a serious systemic challenge for various sectors of the economy, but especially for the banking industry as a key element of the state's financial infrastructure. According to the Bank of Russia, in 2023, the number of cyberattacks on credit institutions increased by 37% compared to the previous year, with 68% of attacks targeting client data and payment systems, and the average damage from a successful attack was about 15 million rubles. That is why increasing the level of cybersecurity today is not just a priority, but a strategic necessity to ensure the economic stability of the financial sector and the national security of the country as a whole. The purpose of the study is to comprehensively assess the existing measures to counter cyber threats in the Russian banking sector, analyze their effectiveness and develop recommendations for improving protective mechanisms. The work uses comparative analysis methods, expert assessments and a study of real cases of cyber attacks for the period 2020-2024. During the study, the key role of the Bank of Russia as a mega-regulator of the financial market in solving emerging problems was analyzed in detail. At the same time, it was revealed that large credit institutions also occupy a special place in countering threats, introducing various tools to prevent cyberattacks into their systems. However, small financial institutions still remain at risk. This, together with the active development of fraud schemes, determines the need to further improve the strategy for combating cyberattacks. The study is based on an analysis of the regulatory practice of the Bank of Russia, FinCERT data and a survey of 50 experts in the banking sector. The results can be used to improve approaches to managing cyber risks at all levels of the financial system.

cybersecurity, digital technologies, financial sector, credit institutions, cyber threats, banking security, cyber-attacks, Bank of Russia, financial cybersecurity, fintech risks