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Cyber attacks estimated to cost global banking sector about $500 billion: Russian PM

Posted On: Jun. 6, 2016 12:00 AM CST

Russian Prime Minister Dmitry Medvedev has said that cyber attacks have cost the global banking sector about $500 billion, reported TASS News Agency.

Mr. Medvedev said that cybercrimes are growing in Russia and such threats are "transnational in nature." He added that cybercriminals "know the vulnerability of the software element very well" and "such criminals are becoming more and more active and the number of such crimes is increasing everywhere."

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