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New agency to respond to cyber threats to Belarusian financial industry

Economy 28.07.2017 | 16:41
An archive photo of the National Bank of the Republic of Belarus
An archive photo of the National Bank of the Republic of Belarus

MINSK, 28 July (BelTA) – The National Bank of the Republic of Belarus intends to set up a center for monitoring and counteracting cyber attacks against the credit and finance industry, BelTA has learned.

The letter sent by the central bank to Belarusian commercial banks, non-banking credit and finance organizations, and the Association of Belarusian Banks indicates that a strategic project will be implemented in 2017-2018 to set up a center for monitoring and counteracting cyber attacks against the credit and finance industry. The center's working title is FinCERT for now.

FinCERT will focus on organizing information interaction between Belarus' central bank, law enforcement agencies, other government agencies, and participants of the financial services market. The latter include banks, non-banking credit and finance organizations, integrators, and software developers, including data protection software, Internet service providers and telecommunication companies.

This interaction will be geared towards sharing information about potential cyber attacks against the credit and finance sphere, urgent threats to information security, and vulnerabilities in the software used by participants of the financial services market.

At present information about incidents and information security threats is shared via a restricted-access forum. The forum's analysis indicates that Belarusian banks face the same kind of information security threats that foreign banks face. However, due to the low intensity of information exchange and the lack of attention on the part of the banks decisions are slow, primarily decisions concerning the prevention of illegal actions in the sphere of finance.

This is why the National Bank of the Republic of Belarus would like all the interested market players to submit proposals regarding interaction as part of the FinCERT project.

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