Russia faces over $1.25 billion in cybercrime losses in 2024

According to Russian Interior Minister Vladimir Kolokoltsev, cybercrime damage in Russia has surpassed $1.25 billion this year, with both individuals and organisations, including government agencies, frequently targeted. 

During a public council meeting of the Russian Interior Ministry, Kolokoltsev emphasised that cybercrime now accounts for 40% of all reported crimes in the country, and for serious cases, this figure rises to 60%. 

Based on Kolokoltsev’s statements reported by Tass, the rise in cybercrime has caused significant harm to Russia's economy and to the property rights of its citizens. 

"Over the past five years, the number of illegal acts in cyberspace has more than doubled. Today, their share in the total number remains significant," he said, adding that the total damages since the beginning of 2024 have exceeded 116 billion rubles (approximately $1.25 billion). 

To combat this growing threat, the Interior Ministry has been working to strengthen its IT crime units. 

Kolokoltsev highlighted ongoing efforts in education and professional training, noting that nearly 1,000 students are currently enrolled in computer and information security programs, and more than 750 ministry employees have enhanced their qualifications in combating cybercrime. 

The minister also stated that these efforts have already produced positive results. 

"In January-August, the number of serious and especially serious crimes that were solved, including those committed by organized groups, has increased," Kolokoltsev revealed. 

Russia’s increasing focus on cybercrime prevention comes as digital threats continue to evolve, posing new risks to both its economic stability and the security of its citizens.