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Regulators ask banks to prepare for Russian cyberattack threats



(Reuters) – The European Central Bank is preparing banks for a possible Russian-sponsored cyber attack as tensions with Ukraine increase, said two people with knowledge of the matter, while the region prepares for the economic fallout from a conflict.

] The act between Russia and Ukraine has shaken Europe's political leaders and business leaders, fearing an invasion that would damage the entire region.

Earlier this week, French President Emmanuel Macron traveled from Moscow to Kiev in an attempt to act as a mediator after Russia assembled troops near Ukraine.

Now the European Central Bank, led by former French Minister Christine Lagarde and overseeing Europe's largest lender, is on alert for the threat of cyberattacks against banks launched from Russia, people said.

While the regulator had been focused on common scams that flourished during the pandemic, the Ukraine crisis has diverted its attention to cybe

Banks conducted cyber war games to test their ability to ward off an attack, the person said.

The ECB, which has pointed out to deal with cybersecurity vulnerability as one of its priorities, declined to comment.

Its concerns are reflected around the world.

The New York Department of Financial Services issued a warning to financial institutions in late January, warning of reprisals if cyber attacks were to invade Russia Ukraine and trigger US sanctions, according to Thomson Reuters Regulatory Intelligence.


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