SOCHI, 10 October /TASS/ The Bank of Russia is set to devote its efforts to ensuring that cybersecurity standards are in place at credit institutions, the head of the regulator Elvira Nabiullina reported to journalists at the Forum of Innovative Financial Technologies FINOPOLIS.

“Protecting personal data and combating leaks is hugely important. In order to achieve this, we must do more than just toughen penalties – this is possible, but we must also ensure that all financial institutions adhere to cybersecurity regulations. We were recently granted the right to establish these regulations, and we are conducting regular checks to ensure that banks comply with them. One factor that we have already identified, which is a factor of vulnerability, is the human factor, as well as the fact that business processes within banks should be integrated with all cybersecurity regulations,” Nabiullina said, noting that the Bank of Russia will prioritize these issues.

The regulator’s head also acknowledged that all financial institutions have responded to this issue with a reasonable degree of responsibility and are making active efforts to establish security measures.

Furthermore, Nabiullina announced that the Bank of Russia will discuss proposals to increase penalties for cybercrime.

Source: TASS