A New Surge of Interest in the Cybersecurity of VIP Clients is the First Step Toward the Return of the Previously Used Positioning Practice in Domestic Private Banking

Summary

Thanks to the efforts of medium‐sized and niche banks, Russian private banking is gradually beginning to return to its usual positioning scheme, “universal VIP bank” against the “VIP club,” tested before the introduction of anti‐Russian sanctions and before the COVID‐19 pandemic. However, further steps will directly depend on how exactly these banks manage to solve the main problem of this positioning, namely, to build an effective risk minimization model for the current organizational and management structure of the VIP client's capital with the promotion of long‐term restructuring services. However, now, VIP clients prefer to rigidly insist on the need to preserve the previous structure, which poses a very difficult task for domestic private banking, finding arguments that could convince target customers to change their minds. It is here that the achievements of domestic private banking in the field of profiling VIP clients, rather than proprietary palliative solutions of vendors in the field of cybersecurity, can be quite successful both for organizing effective protection against cyber threats of VIP clients, and for increasing the overall competitiveness in Russian private banking for medium‐sized and niche banks.