Sberbank estimated damage to russian economy due to cyber attacks in 2019 at 2.5 trillion rubles.

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The losses of the Russian economy due to cyber fraudsters amounted to about 2.5 trillion rubles in 2019, said Stanislav Kuznetsov, Deputy Chairman of the Board of Sberbank. In 2020, he estimated possible damage due to cyberattacks at 3.5–3.6 trillion rubles.

“The losses of the Russian economy due to cyberattacks will increase. According to our estimates, the damage to the economy over the past year is estimated at 2.5 trillion rubles,” said Mr Kuznetsov at a press conference at the World Economic Forum in Davos (quote from TASS). He noted that cybersecurity risks are among the most significant today. According to the Deputy Chairman of the Bank’s Board, the damage may amount to 3.5–3.6 trillion rubles this year.

Published January 21, 2020, on the Kommersant website