ECB wants to test European banks for resilience in the event of a cyber attack

The European Central Bank wants to find out how well European banks are prepared for a cyber attack and how they deal with it. The ECB is doing this because the institution has registered more and more cyber attacks against European banks after Russia’s invasion of Ukraine.

According to Andrea Enria, Chair of the Supervisory Board of the European Central Bank, the ECB wants to use this test to find out how banks deal with a successful cyber attack on their IT systems and what response they then have in house. Reuters writes that Enria states that some banks outsource important parts of the IT infrastructure to third parties. According to the man, that could entail a risk.

It is not clear which specific parts of the IT infrastructure of European banks the ECB wants to test. The results of this test will be announced in 2024.