16:29 16.12.2016

Finance Ministry, Treasury Service lose 3 terabytes of information over hacker's attack

2 min read
Finance Ministry, Treasury Service lose 3 terabytes of information over hacker's attack

The Finance Ministry and State Treasury Service of Ukraine have lost 3 terabytes of information over a hacker's attack in December 2016, First Deputy Director of the National Institute for Strategic Studies Oleksandr Vlasiuk.

"Along with damage caused to network equipment, the institutions have lost 3 terabytes of information, according to their estimates. This is a large figure," he said at a roundtable in Kyiv on Friday.

He said that in July 2016 cases of trade with customs databases were recorded.

Information protection is one of the risks in the budget system, he said.

Vlasiuk said that risks are seen both in the revenue and expenditure targets of the draft national budget for 2017.

"Growth of revenue of the national budget is linked to inflation and devaluation factors… There is a large likelihood that the revenue target of the budget would not be met," he said.

He said that there is a separate risk linked to the initiative of the government to double minimum wage next year: employees would be dismissed, profit of companies will fall (according to the assessment of the Finance Ministry profit could decline by UAH 3 billion) and business would go to the shadows.

Vlasiuk that it is unlikely that the revenue targets for privatization and sale of seized property would be observed.

The budget of the Pension Fund next year would be formed using budget funds by over 50%, and the fund would not have a chance to pay debts on budget loans.

Commenting on the state debt, he said that total state debt would reach 90% of GDP, which is considerably more than the limit set in the Budget Code (60%).

"Debt security of the state would worsen," he said.

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