This software disguises itself as harmless applications and provides attackers with remote access to victims' devices, including passwords, SMS and banking applications.
At the Cybersecurity in Finance forum in Yekaterinburg, the head of the Bank of Russia, Elvira Nabiullina, said that the Central Bank would oblige banks to strengthen application protection and eliminate vulnerabilities by the end of the current quarter. The regulator strives to prevent unauthorized access to personal customer data and theft of funds.
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Measures have already been introduced to combat fraud, for example, a two-day cooling-off period for transfers and when concluding loan agreements. This measure helped to prevent a significant part of the operations. However, many banks underestimated cybercrime data, so the Central Bank was forced to apply supervisory measures.
Elvira Nabiullina stressed that strengthening cybersecurity is a common task of the Central Bank and banks. The regulator will continue to monitor the fulfillment of obligations to protect citizens from financial losses and unauthorized access to their personal data.
