The judges noted the product’s high efficiency and innovativeness

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Sberbank wins three Cyber Security Global Excellence Awards

Three Sberbank cybersecurity products at once have been recognized at the 2021 Cyber Security Global Excellence Awards.

Sber’s Anti-Fraud System won gold in the Fraud Prevention category.

The system automatically blocks suspicious transactions, protecting clients from scammers trying to cheat them out of their money under various pretexts. In 2020, Sber prevented the attempted theft of RUB57 bn from clients’ accounts. The judges noted the product’s high efficiency and innovativeness and highlighted the critical role such solutions play in the banking sector.

Sber’s Intelligent Cyber Threats Management System, part of its Security Operation Center, won silver in the Advanced Threat Intelligence category.

The Intelligent Cyber Threats Management System, based on AI technology, coordinates with leading cyber threat analysis providers, gathers intelligence from open sources and the darknet, evaluates the scale of cyber threats, and identifies vulnerable elements in the bank’s IT infrastructure. This system is a unique project developed by Sber and the patent granted is proof of it. The experts highlighted the fact that it is constantly being improved, with reduced time for data collection and analysis, increased volume of data, as well as prompt identification of cyber threats and assessment of their size and impact. The launch of a centralized database on cyber threats was also noted. Integrated with business and open resources, the system features a number of modules that allow for cyber attacks to be detected, analyzed, and blocked in a timely manner, before they develop further.

Second place in the Security Product and Service for Finance and Banking category went to Sber’s Cyber Security Hub – cybersecurity services on the SberBank Online app.

Sber clients can use the app to verify whether their e-mail address or phone number have been compromised in data leaks, configure the accessibility of their accounts and deposits, customize caps on payments and transfers, choose methods for authentication when logging in to their app, and report social engineering attempts (e.g. calls disguised as the bank’s security service attempting to access clients’ money). There are also articles, video clips, and tests to check clients’ knowledge of cyber security rules. In 2020, almost three million people used these services on SberBank Online, and 700,000 use them at least once a month. The judges emphasized that an educational approach to combating cyber fraud is highly relevant.

The Cyber Security Global Excellence Awards were established in 2008 to celebrate companies’ achievements in all areas of cyber security. In the awards’ 20 years of existence, well-known companies such as IBM, Citi, Wells Fargo, Samsung, Oracle, Microsoft, Dell, and Cisco Systems have earned Cyber Security Global Excellence Awards. This year the organizers received over 400 entries from companies based in the USA, Canada, Great Britain, Israel, Germany, South Korea, and India. This year’s winners included both familiar faces on the market (Checkmarx, Darktrace, Awake Security, and McAfee), as well as startups. 

You can read the full press release published by Sberbank of Russia here.

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