The European Central Bank (ECB) mentioned Wednesday it might take a look at lenders’ response to cyberattacks this yr in a first-of-a-kind stress take a look at for banks within the eurozone.
The vital situation set out by the ECB assumes that the financial institution has been “hit by a successful cyberattack that disrupts their daily operations,” the ECB mentioned in a press release.
Some 109 banks can be examined on their means to “respond to and recover from a cyberattack, rather than their ability to prevent it,” the ECB mentioned.
The train will study monetary establishments’ emergency procedures and plans to revive normality after such an assault.
A subset of 28 banks from throughout the eurozone can be subjected to a extra rigorous take a look at that will take a better have a look at the dangers of cyberattacks spilling over into different areas.
The outcomes of the train, which shall be revealed later this yr, wouldn’t influence banks’ obligations to construct capital buffers towards monetary dangers, the ECB mentioned.
The ECB runs stress assessments on the banks it supervises yearly to judge their preparedness to deal with antagonistic occasions. While most assessments have targeted on antagonistic financial and monetary situations, the ECB has additionally run a local weather stress take a look at on banks.
Pandemic and struggle
The cyber stress assessments had been introduced final yr as the danger of hacking makes an attempt was seen to have elevated following the pandemic and Russia’s invasion of Ukraine.
“The number of cyberattacks is higher than it was before the pandemic,” Anneli Tuominen, a member of the ECB supervisory board, informed German every day Boersen Zeitung final yr.
The greatest enhance was seen in “distributed denial of service attacks, in which perpetrators interrupt banking services by flooding and clogging bank servers with fake requests,” Tuominen mentioned.
There had additionally been a rise in ransomware assaults, the place banks are requested to fork out cash to regain entry to their knowledge, she mentioned.
“Euro area banks have proven to be resilient so far,” Tuominen mentioned, however warned, “a successful attack could occur at any time.”
The ECB’s subsequent spherical of its normal stress assessments, geared toward evaluating banks’ potential to climate varied monetary dangers, shall be carried out in 2025.
Source: www.dailysabah.com