Banks to migrate to domestic software in two or three years

The transition should take place in two or three years, the Izvestia newspaper reported on Thursday, citing the press service of the ministry. 

CII facilities, which include companies operating in the fields of healthcare, transport, communications, science, energy, finance, nuclear energy, and defense industry, should migrate to domestic software in two or three years. Operation on foreign technologies is allowed if no Russian alternatives are available. However, domestic companies will upgrade, maintain and service the systems, the press office of the Digital Development Ministry told the newspaper. 

"The transition to domestic solutions will ensure the security of banking operations, eliminate the possibility of blocking accounts and interception of confidential information by criminals from abroad,” the Digital Development Ministry press office said. The transition costs will be significant, but the risks arising from cyberattacks are much greater, they added. 

For the period of 2021-2024, over 45 billion rubles are allocated from the budget to stimulate the replacement of foreign technologies with Russian ones. The amount of future loans will be about 70 billion rubles. 

 The Association of Banks of Russia estimated the financial organizations expenditures during the migration to domestic software in the range of 700 billion - 1 trillion rubles. The Bank of Russia did not respond to the request of the newspaper.