Russian economy to lose 7 tln in 2021 because of cyber-attacks

The biggest Russian and international organizations are taking part in an annual online exercise Cyber Polygon 2020, a cybersecurity event scheduled for July 8, 2020. During the exercise, teams will prevent data theft, investigate an incident, and gather data to forward it to law enforcement agencies. About 100 teams have registered thus far and more applications keep coming, Sberbank reports.

According to the World Economic Forum’s reports, cyberattacks and data fraud rank 9th in the Top 10 list of global risks of highest concern called ‘Most likely fallout for the world’. The damage they cause keeps climbing, with an estimated price tag of $90 tln projected in 2030, according to WEF estimates. In Russia, the situation is aggravating too. According to Sberbank, the Russian economy is expected to lose RUR 7 tln ($100 bln) in 2021 because of cyber-attacks. That said, many companies are still not ready to counter these threats. A Threat Zone 2020 study reads that 83% of entities don’t have a contingency plan to recover and maintain their business efficiency amid a major incident.

This is why the key topic Cyber Polygon 2020 will address is preparations for a large-scale cyber crisis that might hit stakeholders amid accelerating digitization and climbing cybercrime rates. The event is set to gather some 100 organizations, including the Spanish National Cybersecurity Institute (INCIBE), Banco Santander, Ernst & Young, MTS, Post Bank, and others. Response teams will face a targeted attack aimed at stealing confidential data and causing damage to reputation. Under the scenario, professionals will counter the actions of cybercriminals at the moment of the attack, investigate the incident as if it were successful, check the perimeter for any other possible breaches, and compose a dossier of the information gathered to help law enforcement launch an investigation and prevent further attacks.

“Organizing training events that mimic a real situation is useful for any organization. Data leaks are one of today’s key cybersecurity challenges as new headlines are seen every day about yet another database that’d leaked to the Web. We understand that this is a big problem for many stakeholders, especially as IT perimeters of companies get wider, and that is why we’ve chosen a confidential data theft scenario for the technical part of Cyber Polygon 2020,” stated Stanislav Kuznetsov, Deputy Chairman of the Executive Board, Sberbank.

“As a national cybersecurity institute, we realize we must develop all the time to counter new and ever-evolving cyber threats. We’re confident that our team will benefit from testing and improving its incident response skills at the Cyber Polygon 2020 exercise,” said Marcos Gomez, Deputy Director, INCIBE-CERT.

Cyber Polygon 2020 is a project officially run by the World Economic Forum’s Center for Cybersecurity and Sberbank Group. Besides the technical exercise, Cyber Polygon 2020 will stream online presentations made by executives of the World Economic Forum, Interpol, ICANN, IBM, Visa, and many other organizations who’ll give insights into new cyber threats, current cybersecurity trends, and share expertise in preventing and mitigating the effects of major cyberattacks.

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