With the Ukraine crisis escalating, the European Central Bank (ECB) is engaging with financial institutions regarding the potential for cyberattacks allegedly sponsored by Russia, according to reports from Reuters.
The ECB has been in discussions with banks about their cybersecurity measures, and institutions are conducting cyber war games to assess their systems’ resilience. Recently, the New York Department of Financial Services issued a warning to banks about the possibility of cyberattacks originating from Russia if the U.S. implements sanctions tied to a possible invasion of Ukraine.
Similarly, the UK’s Financial Conduct Authority has sent a ‘Dear CEO’ letter to bank executives, urging them to strengthen their cyber defenses. This guidance includes collaborating with third-party IT providers and major cloud companies to ensure robust backup systems are in place.
Earlier this year, Ukrainian websites experienced a cyberattack that issued a dire warning, telling citizens to “be afraid and expect the worst,” coinciding with reports of Russian troop movements near Ukraine’s border.
Kev Breen, director of cyber threat research at Immersive Labs, expressed support for the ECB’s initiatives, stating, “In today’s world of hybrid connected warfare, high-profile organizations or those considered critical national infrastructure, like banks, are often unwittingly dragged onto the front lines. Therefore, during times of heightened geopolitical tensions, it is crucial for them to ensure their defenses are adequately fortified.”