ECB wants to test European banks for resilience to cyber attacks

The European Central Bank wants to determine 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 an increasing number of cyber attacks against European banks after Russia’s invasion of Ukraine.

According to Andrea Enria, Chairman of the Supervisory Board of the European Central Bank, the ECB wants to use this test to determine how banks deal with a successful cyber attack on their IT systems and what response they 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, this 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.