"NAIVE ART" OF THE NORTH OF RUSSIA

The necessity of supervision of cyber risks is explained by the fact that the consequences of their influence can be fatal for individual companies and banks, and can lead to systemic failures in the national economy.The first line of protection from cyber risks is based on the internal control and audit system, as well as the activities of the risk management service of the commercial bank itself.The role of supervisory authorities is manifested in the development of a "cyber card" of key elements of the financial sector (payment systems, platforms, infrastructure and system institutions), which allows supervisors to gain a general understanding of cyber threats, on the basis of which risk mitigation programs are further developed.Legislatively adopted supervisory requirements should be complemented by rational and consistent monitoring practices, testing mechanisms, and effective reporting and exchange rules.A continuous process is needed to assess the nature and level of acceptable risk, improve the regulatory framework and practice of surveillance of cyber risks.