DDoS attacks on financial organizations in Russia up fourfold in 2022 - CBR

YEKATERINBURG. Feb 15 (Interfax) - The number of DDoS attacks on financial organizations in Russia quadrupled last year, with the total number of cyber threats increasing by 2%, CBR deputy governor Philipp Gabunia said during the "Insuring Against Cyber Risks" session at the Cybersecurity in Finance forum in Yekaterinburg on Wednesday.

"Cyber incidents, cyberattacks are on the rise exponentially around the world. We are no exception - in 2022 [the total number of cyber threats] against financial institutions grew by 2%, with DDoS attacks up almost fourfold," he said.

There is a growing demand for cybersecurity insurance, Gabunia also said.

Irina Alpatova, Deputy General Director of Corporate Insurance at AlfaStrakhovanie, estimates the volume of premiums on cyber risk insurance contracts in the world in $7.5 billion, while the annual figure in Russia is around $6-7 million.

"Still, cyber insurance is much like boutique clothing. This volume [of the cyber insurance market] is generated by leading companies, the largest ones. And insurance is always about mass participation," said Vladimir Novikov, Director of Risk at Sberbank Insurance.

At the moment it is difficult for insurers to assess risks in the field of cyber insurance, he said, while there is also a lack of transparency in the system for clients. A limited number of insurers are currently prepared to work in this market, Novikov said.

Alexander Rusetsky, deputy technical director of Positive Technologies , believes that in creating insurance products it is necessary to focus on several possible scenarios that may paralyze the operations of the entire business.