News

ECB to test banks cyber defences as risks grow

March 9, 2023 10:34 PM


Twitter Share Facebook Share WhatsApp Share

The European Central Bank will next year test eurozone lenders' defences against cyberattacks, a top official said Thursday, as the risk of hacking attempts is seen to have increased since the pandemic and Russia's invasion of Ukraine.

The ECB will carry out its first-ever cyber "stress test" to examine "how banks are able to respond to and recover from a successful cyberattack", the ECB's supervisory chief Andrea Enria told Lithuanian newspaper Verslo Zinios.

The results are expected around the middle of next year, he added.

Half of around 115 major banks in the euro area said they were the target of a successful cyberattack in 2021, according to a survey published by the ECB in December, compared with 57 percent in 2020.

"Both during the pandemic and after the invasion of Ukraine by Russia, there have been some episodes which have made us think as supervisors," said Enria.

The rapid shift to remote working during the Covid lockdowns led to increased IT security risks, while Russia-backed hackers have been blamed for a rise in cyberattacks targeting companies and critical infrastructure.

Last November for instance, the European Parliament said its website was hit by a sophisticated cyberattack claimed by "a pro-Kremlin group".

"We know that there has been a significant increase in cyberattacks," said Enria.

"We cannot apportion this to any specific source, but it is a fact that the number of these attacks has increased since the war started," he added.

"The impact of these attacks has been contained overall, but this is a source of concern for banks in several regions in Europe."



Most Read

  1. Maryam Nawaz can wear uniform! Maryam Nawaz can wear uniform!
  2. Madiha Rizvi ties the knot again Madiha Rizvi ties the knot again
  3. Here is all about Madiha Rizvi’s second husband Here is all about Madiha Rizvi’s second husband
  4. Zara Noor Abbas inspired by Rani Mukerji Zara Noor Abbas inspired by Rani Mukerji
  5. Two patients die, injuries of 12 others multiplied after roof collapse at Gujrat hospital Two patients die, injuries of 12 others multiplied after roof collapse at Gujrat hospital
  6. Humayun Saeed and Saboor Aly under fire for close interaction in public Humayun Saeed and Saboor Aly under fire for close interaction in public

Opinion

  1. Legacy of Indian military subjugation in Kashmir
    Legacy of Indian military subjugation in Kashmir

    By Dr Ghulam Nabi Fai

  2. Islamabad becoming the hub of international diplomacy
    Islamabad becoming the hub of international diplomacy

    By Salim Bokhari

  3. Insights into the Pakistan Stock Exchange's Recent Record High Triumph
    Insights into the Pakistan Stock Exchange's Recent Record High Triumph

    By Zulfiqar Ali Mir

  4. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  5. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  6. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay