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. And they lived happily ever after! Ishq Murshid's last episode sparks joy among fans And they lived happily ever after! Ishq Murshid's last episode sparks joy among fans
  2. Only 2.96% pass as CSS exam 2023 results announced Only 2.96% pass as CSS exam 2023 results announced
  3. Hania Amir stuns as epitome of beauty in ravishing red Saree Hania Amir stuns as epitome of beauty in ravishing red Saree
  4. Five more children die as death toll from measles in Dadu reaches 27 Five more children die as death toll from measles in Dadu reaches 27
  5. Arifwala man again builds plane from scrap Arifwala man again builds plane from scrap
  6. Reason behind Kareena Kapoor’s exit from Yash starrer ‘Toxic’ Reason behind Kareena Kapoor’s exit from Yash starrer ‘Toxic’

Opinion

  1. 9th May - A year later
    9th May - A year later

    By Mutaza Solangi

  2. Everything but the truth in Telegraph
    Everything but the truth in Telegraph

    By Mutaza Solangi

  3. PM Shehbaz Sharif, WEF and Pakistan
    PM Shehbaz Sharif, WEF and Pakistan

    By Naveed Aman Khan

  4. Employing global best practices in Pakistan-Saudi ties
    Employing global best practices in Pakistan-Saudi ties

    By Nasim Zehra

  5. PML-N smashed PTI in by-polls
    PML-N smashed PTI in by-polls

    By News Desk

  6. Riding the Digital Wave: How Technology is Rewriting the Script of Economic Prosperity
    Riding the Digital Wave: How Technology is Rewriting the Script of Economic Prosperity

    By News Desk