FRANKFURT, March 9 (Reuters) – The European Central Financial institution plans to check the cyber resilience of the euro zone’s prime banks after a pointy rise in cyberattacks, together with after Russia’s invasion of Ukraine, ECB supervisory chief Andrea Enria advised a Lithuanian newspaper.
“Subsequent yr we’re launching a thematic stress check on cyber resilience, which is able to attempt to check how banks are in a position to reply to and get well from a profitable cyberattack,” Enria advised Verslo žinios.
The ECB has lengthy been warning banks to be alert for cyberattacks from Russia after the European Union handed an extended sequence of sanctions in opposition to Moscow over its invasion of Ukraine.
“There was a big enhance in cyberattacks,” Enria mentioned. “We can’t apportion this to any particular supply, however it’s a indisputable fact that the variety of these assaults has elevated because the conflict began.”
Enria mentioned that a part of the issue is that banks are outsourcing a few of their essential IT infrastructure to outdoors suppliers or different entities of their group.
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However banks might be lower off from counterparties shortly, together with by sanctions, leaving them weak.
Outcomes of the check are due across the center of 2024, Enria mentioned.
Reporting by Balazs Koranyi; Modifying by Toby Chopra
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