European Central Bank Concludes Banking Cyber Stress Test
Posted: Mon Jul 29, 2024 9:41 pm
The European banking sector is prepared at a high level for withering cyberattacks but there is "room for improvement" in its recovery capabilities, the European Central Bank said at the conclusion of a first-ever cyber stress test for banking.
The European banking supervisor in January launched the test to determine the financial sector's ability to withstand cyber disruptions. The agency required 109 banks that operate across different business and geographical areas in Europe to participate (see: European Central Bank to Put Banks Through Cyber Stress Test).
"The results of the stress test are insightful and showed that while banks do have high-level response and recovery frameworks in place, there is still room for improvement," Anneli Tuominen, an ECB supervisory board member, said on Friday.
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European Central Bank Concludes Banking Cyber Stress Test
The European banking supervisor in January launched the test to determine the financial sector's ability to withstand cyber disruptions. The agency required 109 banks that operate across different business and geographical areas in Europe to participate (see: European Central Bank to Put Banks Through Cyber Stress Test).
"The results of the stress test are insightful and showed that while banks do have high-level response and recovery frameworks in place, there is still room for improvement," Anneli Tuominen, an ECB supervisory board member, said on Friday.
[...]
European Central Bank Concludes Banking Cyber Stress Test