FRANKFURT (Reuters) – The European Central Bank plans to test the cyber resilience of major eurozone banks after a sharp rise in cyberattacks, especially since Russia’s invasion of Ukraine, said Andrea Enria, head of the supervision of the sector at the ECB.
“Next year, we will launch a specific ‘cyber-resilience’ stress test, which will try to test banks’ ability to react and recover from a successful cyber-attack,” Andrea Enria told Lithuanian newspaper Verslo. žinios.
The ECB has long warned banks about the risk of cyberattacks from Russia, as the European Union adopted numerous sanctions against Moscow following the invasion of Ukraine.
“There has been a significant increase in cyberattacks,” Andrea Enria said. “We cannot attribute this phenomenon to a specific source, but it is a fact that the number of such attacks has increased since the start of the war.”
According to Andrea Enria, banks have increased their vulnerability to cyberattacks by outsourcing part of their critical IT infrastructure to third-party vendors or other entities.
The results of the ECB test should be known around mid-2024, said Andrea Enria.
(Report Balazs Koranyi; Claude Chendjou, edited by Bertrand Boucey)
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