ECB Cyber Test Exposes Weaknesses in Bank Recovery Plans
The European Central Bank (ECB) has completed its first stress tests aimed at evaluating banks' preparedness for cyberattacks and found significant areas for improvement.
The tests involved 109 banks and simulated a scenario where a cyberattack crippled critical IT systems.
Out of these, 28 banks underwent a more detailed review to assess their response and recovery. The focus of the exercise was not on prevention but on how banks manage and recover from a severe cyber breach.
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Anneli Tuominen, an ECB supervisor, noted that while banks have some response strategies in place, they need to enhance their recovery plans to handle extreme situations effectively. This is crucial for protecting customer data and ensuring overall financial stability.
The ECB’s initiative, announced earlier this year amid increasing cybersecurity threats, underscores the need for robust cyber resilience in the banking sector. The introduction of the Digital Operational Resilience Act in January will further compel banks to advance their cyber risk management strategies.
Alexander Stefanov
Reporter at CoinsPress
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