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Peter Davis

An writer at FOMOdrive

  • Nov 07, 2023
  • 2 min read

Gref spoke about the most powerful DDoS attack on Sberbank in history

Sberbank experienced the biggest DDoS attack in history, according to Gref.

Sberbank's CEO anticipates an appreciation of the ruble.

Gref declared that there is no intention to significantly alter the dividend policy.

Sberbank re-elected him as their head for the upcoming four years on Tuesday.

At a press conference on Tuesday, Sberbank head German Gref revealed that the bank had experienced the most powerful DDoS attack in history two weeks prior. He stated that it was "three to four times more powerful than the most powerful attack before."

Interfax reported that hackers attempted to shut down the bank's website by sending one million requests per second.

The head of Sberbank has noted that recently, cyber attacks have become more sophisticated as "highly skilled criminals" have emerged and started to target the biggest Russian websites.

He stated that hackers have not been able to penetrate the first of the three security systems of the bank, and the bank experiences an average of ten attacks each month.

German Gref was re-elected as the head of Sberbank for a new four-year term, according to RBC. Gref also stated that the bank does not intend to make any major alterations to its dividend policy.

Sberbank predicts record profits for next year, and its current policy suggests that 50% of its annual adjusted net profit under IFRS should be allocated for dividends. This policy should be approved in December.

Sberbank achieved a record net profit of RUB 411.4 billion under IFRS in the third quarter of 2023, surpassing the previous maximum of RUB 380.3 billion in the second quarter of the same year. The credit institution's net profit for January-September totaled 1.15 trillion rubles.

Gref predicted that the ruble would become stronger due to an influx of foreign currency into the domestic market. He stated that the ruble should be around 90 rubles per dollar, plus or minus a few points. "We think the fundamental rate is between 85 and 95 rubles/$," he added.

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