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ECB warns for cyber attacks .

 

Hacker
The European Cent­ral Bank will ask all significant lenders in the euro­zone to detail by next year how they would «respond to and recover from a suc­cess­ful cyber attack», its head of super­vi­sion said yes­ter­day. «We know that there has been a sig­ni­fic­ant increase in cyber attacks,» Andrea Enria, chair of the supervisory body of ECB, told Lithuanian news­pa­per Verslo žinios. Enria said rising con­cern about the risk of cyber-attacks meant the ECB was launch­ing «a them­atic stress test on cyber resi­li­ence» designed to provide «a bet­ter under­stand­ing of where the banks’ strengths and weak­nesses are». In addition, the ECB is design­ing a scen­ario involving a the­or­et­ical breach of the fin­an­cial sys­tem’s cyber defences, which will be sent to all of the 111 banks it super­vises to assess how they would react.

Enria said it would have the res­ults by the middle of next year. Wor­ries about the vul­ner­ab­il­ity of Europe’s fin­an­cial sys­tem to dis­rup­tion by hack­ers have intens­i­fied after a ransom­ware attack on Ion Mar­kets, an Irish-based fin­an­cial data pro­vider, dis­rup­ted parts of the vast deriv­at­ives mar­ket this year.

www.sba.tax

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Comments

  1. Nigel10 March 2023 at 10:30

    This is a very good idea and I wonder why it hasn't been done yet. It's clear hackers can be very smart and break into the most protected places, banks included. A stress test will probably reveal a LOT of potential problems.

    ReplyDelete
  2. Elmer10 March 2023 at 10:49

    The sooner they start doing this test the better. We shouldn't make it easy for hackers and stress tests are always useful.

    ReplyDelete
  3. Adrian P.10 March 2023 at 13:21

    I would be curious to see the responses from these banks to how they would respond to a threat. I think at least 30% of them are not even ready to provide a solid reply, not to mention be ready for an actual attack.

    ReplyDelete

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