European Central Bank to Conduct Cyber Attack Resilience Stress Test on 109 Banks

The European Central Bank will subject 109 banks to a stress test to study their resilience against and recovery from cyber attacks. The findings of the research will be presented this summer.

“This exercise looks at how banks respond to and recover from a cyber attack, not whether the banks are able to prevent such an attack,” the ECB said. According to the umbrella banking organization, the starting point is that a successful cyber attack has taken place; This affects the normal functioning of the banks and emergency protocols are being tested to see whether the banks can quickly resume their daily activities.

The ECB also announces an in-depth investigation of 28 banks. In this sample, different types of banks in different places are asked to provide additional information about their cyber attack response. In this way, European banks should be able to learn more from each other.

The European Central Bank manages roughly 113 ‘significant European banks’, including the Dutch banks ING, ABN AMRO, De Nederlandsche Bank, De Volksbank and Rabobank. The umbrella organization says it wants to keep the European banking sector stable. The EU body announced the stress test in March 2023 following Russia’s invasion of Ukraine. At that time there was still talk about a test of only the large banks.

2024-01-03 13:48:31
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