16:13, 13 November 2020
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Bank of Russia changing approach to information security
On November 5, the Bank of Russia modified the structure of the Information Security Department. The changes are driven by the need to strengthen the basic business processes, which, the regulator says, lay the foundation for the achievement of the target indicators provided for in the “Key areas of the development of information security in the credit and financial sector for the period 2019-2021”.These processes include, first of all, the processing of information submitted to the regulator by the data interchange participants in connection with countering transactions effected without the consent of clients of financial organizations. Besides, the risk-oriented supervision over the support of cyber resilience and operational reliability by financial institutions is being strengthened.
As Kommersant notes, market participants are confident that FinCERT, which monitors cyber risks, will be closed down with its functions redistributed between the DIB departments. The bankers hope that it will be possible now to solve the main problem of FinCERT – to separate supervision and monitoring between the jurisdictions of different departments, so that banks that report incidents could receive assistance, not punishment.
Representatives of the banking community hope that the new structure of the information security department will allow the functions of supervision and monitoring to be distributed between different departments.