ECB to Test Banks' Cyberattack Response
04 January 2024 - 3:28AM
Dow Jones News
By Nina Kienle
The European Central Bank said it will conduct stress tests on
banks' cyberattack response and recovery this year.
The Frankfurt-based institution said on Wednesday that the test
will assess 109 directly supervised banks on their ability to
recover from a cyberattack rather than the ability to prevent
it.
Under the test scenario the cyberattack will successfully
disrupt banks' daily operations and assess recovery measures, such
as the activation of emergency procedures, the ECB said. As part of
the test, 28 banks will take an enhanced assessment, which will
provide information on different business models and geographies in
the euro banking system, ECB said.
The results of the tests won't have an impact on the ECB's
capital recommendation, but will be used for wider supervisory
assessment, the central bank said.
The results will be shared in the summer of 2024, the ECB
said.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
January 03, 2024 11:13 ET (16:13 GMT)
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