Financial Markets: Increasing Complexity, Maintaining Stability

3–5 July 2019, ST. PETERSBURG

    ST. PETERSBURG, 5July. /TASS/.The damage sustained by Russian banks as a result of the 2018 cyberattacks Cobalt and Silence amounted to no less than RUB 58.4 million, according to an inquiry conducted by FinCERT (a structural unit of the department for information security at the Bank of Russia), which was presented at the International Financial Congress. 

    “According to data obtained by FinCERT, the damage sustained by Russian credit and financial companies in 2018 from the Cobalt group attack amounted to at least RUB 44 million. From the Silence attack, the damage amounted to RUB 14, 403, 000,” notes the report. 

    FinCERT data shows that the total recorded damage last year was significantly less than the damage sustained from similar targeted attacks in 2017. 

    Bank of Russia’s FinCERT detected several attacks over the course of 2018 which targeted credit and financial companies and can be attributed to two main groups: Cobalt and Silence. The first group got its name from the penetration testing software Cobalt Strike, which was produced by the American company Strategic Cyber LLC. The second group uses its own malware, which was given the name Silence by one of the developers of the antivirus software that first uncovered it. 

    FinCERT was established in 2015. As Bank of Russia’s structural department, it gathers and processes information it has received from organisations and their clients on cyberattacks which have taken place or are anticipated, as well as information on individuals and organisations committing cyberattacks and their modus operandi. Based on its data analysis, FinCERT shares information on IT security threats with relevant parties in order to reduce embezzlement.