Banking supervision starts cyber stress test for financial institutions
The European Central Bank (ECB) will launch its first cyber stress test for banks in the euro area in January. The aim is to test the resilience of banks against serious cyber attacks. The test simulates a scenario in which a cyberattack disrupts a bank's business operations. Among other things, the ECB wants to find out how well banks can react to such attacks, recover from them and resume normal business operations. Cyber stress test for over 100 banks Almost all banks directly supervised by the ECB are taking part in the test, currently 109. Of them…