Russian banks place CIOs on boards

By bne IntelliNews July 6, 2023

Small Russian banks en masse are promoting their heads of information security departments to the level of deputy chairmen of the board to comply with last year's presidential decree, Kommersant daily reported citing specialised Telegram channels.

As followed by bne IntelliNews, cybersecurity is of increased concern for Russian private and state companies.

For banks, a special presidential decree obliges them to have at least one of their deputies to be responsible for information security, "including detection, prevention and elimination of consequences of computer attacks, and response to computer incidents".

Facing the acute labour shortages in the IT sector, the banks are reportedly promoting their internal IS personnel to the boards. However, the deputy chairmen in charge of security, according to experts surveyed by Kommersant, generally still lack specialised education.

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