ECB tells banks to step up defences against hacks

The European Central Bank is telling euro zone banks zone to step up their defences against cyber attacks, also in the context of geopolitical tensions such as the stand-off between Russia and Ukraine, the ECB’s top supervisor said on Thursday, according to Reuters.

Andrea Enria was presenting the results of the ECB’s annual review of banks. The euro zone’s top banking supervisor warned of rising risk from cyber attacks, with a surge in hacks since 2020.

„We are asking (banks) to strengthen their cyber regime measures and look at a potential increase in attacks and the danger of these attacks going forward,” Enria told a news conference.

Specifically, the ECB was telling banks to train staff so they could tackle this threat and look for weak spots in services they outsource. The central bank has also been running simulated hacks for years.

Reuters was first to report on Wednesday that ECB was preparing banks for a possible Russian-sponsored cyber attack.

Asked about such risk, Enria said the ECB would draw „the attention of banks in relation to the potential worsening of global tensions that could indeed trigger more attacks.„