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December 2018 www.intellinews.com I Page 5
"You have to think about this figure," he said. "It is enormous. It is a significant sum for our economy."
According to Medvedev, any effort aimed at digi- tization of the economy could be thwarted if the country failed to ensure proper cyber security.
"We need cooperation on a national level and, which is especially important, on a global level," he concluded. "This is a difficult and important task."
Earlier this year, Group-IB, a major local pro- vider of cyber security solutions, put losses of the country's financial sector between mid-2017 and mid-2018 at RUB2.96bn ($44.9 million).
The company stressed that one successful major cyber attack has the potential to completely de- stroy a single financial institution, with a danger of a collapse of the entire country's financial system also looming.
In recent months alone, Russian companies and government agencies have faced several highly publicised cyber attacks. In mid-November, the
Russia’s major corporates undergoing a digital transformation
Russia’s economy is being digitally transformed as the country’s leading corporate embrace the new technologies.
Everyone is on board. Digitization has been made a top priotity of the government that has already transformed the tax service so that a cosmonaut paid his taxes from space last year. Companies are putting their businesses online and retail has
Federal Antimonopoly Service was attacked with a computer virus aimed at steeling logins and pass- words of the agency's employees.
Russia's largest lender, Sberbank, suffered from two cyber attacks in late October and early No- vember, respectively. As a result, personal details of the bank's employees, as well as technical documents outlining Sberbank's security proce- dures, were uploaded to the web.
Meanwhile, failure to curb cyber attacks could lead to tighter measures on the part of the coun- try's security services, which have been looking to obtain more control of the cyber space.
"For us, professionals, it has been clear for a long time that the cyber space should be under control of secret services," Sergei Smirnov, deputy direc- tor of the Federal Security Service, known under the Russian acronym FSB, was quoted as saying by Interfax.
"Without that, it's impossible to guarantee proper enforcement of information security and successful- ly resist contemporary terrorist threats," he added.
gone into the cloud so fast that footfall in Russia’s leading malls is already visibly falling each year. And Russians love their gadgets to the point where even babushka have been seen paying for groceries using an e-wallet on a smart phone.
The state-owned retail banking giant Sberbank is probably the best know example of Russian companies that have thrown themselves into