After a substantial increase in cyber-attacks, notably following Russia’s invasion of Ukraine, the European Central Bank aims to test the biggest banks in the eurozone for their cyber resilience, supervisory chief Andrea Enria told a Lithuanian newspaper.
Enria said in an interview with Verslo inios, “Next year we are launching a themed stress test on cyber resilience, which will try to measure how banks are able to react to and recover from a successful incident.
As the European Union passed a lengthy list of sanctions on Moscow over its invasion of Ukraine, the ECB issued repeated warnings to banks to be on the lookout for Russian cyber-attacks.
Cyber-attacks have significantly increased, according to Enria. We are unable to attribute this to a particular cause, but it is undeniable that there have been more of these attacks since the war began.
According to Enria, one of the issues is that banks are contracting out portions of their essential IT infrastructure to outside companies or other members of their organization.
Yet, banks are susceptible because counterparties can be easily cut off through sanctions.
According to Enria, test results are expected in the middle of 2024.
