Banks in the United States and Europe have been ordered to prepare for Russian cyberattacks
Banks in the United States and Europe have been ordered to prepare for Russian cyberattacks
The European Central Bank is preparing for banks for a possible cyber attack from Russia. Reuters news agency reported that as tensions escalate in Ukraine, the region is preparing for the financial consequences of the conflict.
The European Central Bank, led by former French Minister Christine Lagarde, who oversees Europe’s largest lenders, is preparing for possible cyber attacks on banks.
A source from Reuters said Russia would be the source of the attacks, and the European Central Bank questioned banks about their defense. Banks have repeatedly conducted online maneuvers to test their ability to withstand the attack.
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However, the European Central Bank, which has made solving the problem of cybersecurity one of its priorities, declined to comment officially.
The New York Department of Financial Services also issued a warning to financial institutions in late January, warning of retaliatory cyber attacks should Russia invade Ukraine and impose US sanctions.
Earlier this year, several Ukrainian websites were hit by a cyberattack warning to “expect the worst” as Russia massed forces near Ukraine’s border.
The Kremlin has repeatedly denied that the Russian state has anything to do with worldwide hacking, and has said it is ready to work with the United States and other countries to crack down on cybercrime.
However, regulators in Europe remain on high alert.
The UK’s National Cyber Security Center has warned large organizations to build their cyber resilience in the face of rising tensions over Ukraine.
Cyberwar is linked to geopolitics and security, Mark Branson, head of Germany’s BaFin watchdog, said in an online conference on Tuesday.
The White House also blamed Russia for the devastating “NotPetya” cyber attack in 2017, when a virus paralyzed some Ukraine’s infrastructure, causing thousands of computer failures in dozens of countries.
Last year, the White House blamed Russian foreign intelligence services for a massive hacking attack on US government agencies. The attack hacked SolarWinds Corp’s software, giving hackers access to thousands of companies using its products, which had a huge impact in Europe, where Denmark’s central bank admitted that the country’s “financial infrastructure” had been compromised.
However, some believe that the crisis in Ukraine has been exaggerated. Ukrainian President Volodymyr Zelensky accused Washington and the media of fomenting panic.
Source: Reuters
