Cyber risks in the implementation of the digital ruble are similar to the threats that exist with the current organization of cashless circulation, but new ones may also appear, said the Association of Russian Banks (ADB). The study involved 17 banks, which account for 57.4% of the total assets of the banking system, RIA Novosti reports.
Banks ranked the risks of obtaining unauthorized access to the client’s electronic wallet, information about the client and his operations to the risks existing under the current system.
Among the new risks associated with the emergence of the digital ruble, the Association considers the threat of a weak link – fintech companies, which, as a rule, have an imperfect cyber security system, low qualifications of specialists in the field of security, and the principles of secure development are not followed. The study says:
“The point of view was expressed that the key risk is the commission of fraudulent transactions using social engineering methods. Offline payments significantly reduce the possibility of detecting and preventing fraudulent payments, and this “option” of the digital ruble will be especially dangerous ”.
In addition, according to banks, new types of malware will appear, the number of attacks using spyware will increase, and hackers will become more active to steal money from users, as well as banks and the payment infrastructure of the digital ruble.
At the same time, the Association believes that the main advantage of the digital ruble will be its use in offline mode. However, according to the banks, it is not worth introducing such an option at the stage of the pilot project, since it will require large expenditures on the development of the corresponding infrastructure.
Subscribe to our Ihodl Telegram channel and stay updated with the latest news.