The Central Bank was given the authority to control the transition of Russian banks and non-credit financial institutions to domestic software. How will this law affect the financial and banking industries? eXpress Development Director Sergei Artemov comments.
Import substitution is one of the important tasks facing any representative of Russian business, and this law stimulates demand for domestic software among financial organizations. The banking sector is more regulated than others, which is primarily due to high information security (IS) requirements.
“According to information security specialists, their tasks will now include not only checking the implemented software for compliance with the requirements of the information security department, but also compliance with the regulator’s key performance indicators. Therefore, the solutions of domestic developers should be focused on both internal requirements and the requirements of the Central Bank, and this takes them to a higher level. FSTEC Russia certificates can be a big advantage and will make it easier for banks to choose a vendor,” believes Sergey Artemov.
