The Central Bank will create an information security division within its structure, Deputy Chairman of the Central Bank Dmitry Skobelkin announced at the Ural Forum “Information Security of the Financial Sphere”.

"Just the other day, the management of the Bank of Russia made a decision to create a specialized division - the information security department, which will take on the functions of the industry center," said Skobelkin (quoted by Interfax). Currently, the Central Bank has a main department for security and information protection.

According to Skobelkin, the Central Bank will also have a competence center for ensuring cyber resilience of credit and financial organizations. "Its main tasks will be to determine the market needs for improving cyber resilience and regulation issues, organizing and implementing information exchange on incidents related to violations of requirements for ensuring information security during financial transactions," Skobelkin explained.

The center will maintain a database, improve methods of interaction between credit institutions, and increase the latter’s readiness to counter cyber threats.

This year, the Central Bank plans to step up information exchange with banks regarding security breaches. According to Skobelkin, over 600 organizations are currently participating in the information exchange. This functionality is currently assigned to the Center for Monitoring and Response to Computer Attacks in the Credit and Financial Sphere (FinCERT). Federal government agencies, the FSB, the Ministry of Internal Affairs, authorities of a number of subjects, credit and non-credit financial organizations, payment system operators, telecom operators and software developers exchange information with FinCERT.

Skobelkin recalled that on July 1, a regulation of the Central Bank will come into force, according to which banks will be required to report attacks to the regulator.

The Central Bank will create an information security department