BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Russian economy set to lose $44B to cybercrime in 2020

cyber crime

(Reuters) — The Russian economy is set to lose $44 billion to cybercrime in 2020, according to estimates published on Tuesday by Russian bank Sberbank, with the shift to online during the COVID-19 pandemic posing new challenges.

The coronavirus pandemic has exacerbated cybersecurity concerns as more transactions are now made online rather than with cash after lockdown measures and health restrictions reduced footfall in shops across the world.

Sberbank, Russia’s largest lender with nearly 100 million active clients, said the country’s economic damage from cybercrime may double in 2021.

“On average, we have to deal with 26 billion cybersecurity events every day,” said Stanislav Kuznetsov, deputy chairman of Sberbank’s executive board.

Sberbank, which suffered a leak of customer data in 2019, said it shares its knowledge and experience in fighting cyber crimes with Interpol, SWIFT and other organizations.

The number of crimes linked to bank cards in Russia has shot up 500% this year, interior ministry data showed in October. Sberbank has said it has a 100% success rate in repelling cyberattacks.

More insurance and risk management news on the coronavirus crisis here.




Read Next

  • Firms likely to lose more than $120 million to cybercrimes

    Iceland's police authorities expect the country's companies and citizens to have lost 15 billion Iceland krona ($121 million) to cyber attacks in the past 12 months, Iceland Review reports citing Visir. Karl Steinar Valsson, chief of police, expects actual losses to be more extensive as only a fraction of cyber attacks are reported.