Cybersecurity and the Law: Evolving Mechanisms for Protecting Citizens from Phone and Internet Fraud

According to the Bank of Russia, the total amount of transactions made without the voluntary consent of clients of financial institutions amounted to RUB 27.5 billion, with almost 1.2 million total transfers being made. Much of this theft is committed by telephone and Internet fraudsters who use social engineering techniques and methods. Finding a solution to the problem of cyber fraud requires an integrated approach and the coordinated actions of all stakeholders. With this in mind, improvements are actively being made to existing legislation, and new comprehensive mechanisms to protect citizens against fraudsters are being developed and introduced. What are some of the legal aspects of work to combat cyber fraud? What are some the best practices in terms of applying the standards that have been adopted? What can we expect from the implementation of the legislative provisions that will take effect in the near future? What are the government’s overall approaches to improving legislation in this regard and the priorities for its further development? Can we make sure the line between user protection and excessive legal regulation is not crossed so as not to slow down the development of digitalization?