According to information obtained by Reutersthe European Central Bank is preparing banks for a possible Russian-sponsored cyberattack. Tensions with Ukraine escalate and after bringing down several government sites, Russia is seeking to destabilize European institutions.
The European Central Bank prepares banks for a massive cyberattack
The showdown between Ukraine and Russia could well expand to the rest of Europe according to several experts on the subject. They fear that Russia’s actions could cause damage to the whole region. The European Central Bank is warning in particular of the very high risk of a coordinated cyberattack against banks in the territory. The ECB strongly encourages banks to take a defensive position. Tests on their ability to fight a security incident have already been carried out.
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The European Systemic Risk Board, a body responsible for overseeing the European Union’s financial system, has also expressed concern on the risk of destabilization of financial institutions in case of attack. Concerns that are not limited to the European continent. Indeed, the New York Department of Financial Services has issued an alert for financial institutions at the end of January.
The United States and the United Kingdom are also on alert
Like experts from the European Central Bank, Americans fear an increase in cyberattacks carried out by Russia, in retaliation against the presence of American soldiers in Ukraine. The United States, the European Union and the United Kingdom have repeatedly warned Putin against a potential invasion of Ukraine. The UK’s National Cybersecurity Center has also advised large organizations across the country strengthen their cybersecurity systems in a tense environment.
The Financial Conduct Authority, a regulator of the British financial sector, has even decided to contact financial companies to draw their attention to the subject. At the beginning of the year, the websites of the government cabinet, security and defense councils and the ministry of education were affected.
It’s exactly the same ploy as in 2014, just before the annexation of Crimea by Russia. The idea is to sow confusion, but also to disable essential services which allow the coordination of a country. In January 2022, it was therefore natural that all eyes turned to Moscow. For their part, Russian officials claim that the West is in the grip of “russophobia”.