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EU banks get Russia warning

The European Central Bank (ECB), the EU body tasked with regulating the eurozone, has warned financial institutions that they may become targets of Russian-sponsored cyberattacks as tensions with Ukraine continue to mount.

Speaking at a news conference to present its annual review, the chair of the ECB Supervisory Board, Andrea Enria, told banks to focus on beefing up their security.

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“We are asking [banks] to strengthen their cyber regime measures and look at a potential increase in attacks and the danger of these attacks going forward,” Enria said.

The warning comes as Russia stands accused of placing more than 100,000 soldiers near its border with Ukraine, with some believing this is a sign of an impending military incursion.

The Kremlin has repeatedly denied any plans to invade, while Ukrainian President Volodymyr Zelensky has also played down the Russian threat. However, many in the EU and US believe war is around the corner.

According to Reuters, fear of war has also led other regulators, including the New York Department of Financial Services, to warn of possible Russian-sponsored hacking.

Earlier this year, a hack hit Ukrainian government websites in a move that was later blamed on Moscow. The attacks saw messages posted on the sites, with a warning to citizens that all their personal information had been made public. “All the evidence points to the fact that Russia was behind the cyberattack,” Ukraine’s Digital Transformation Ministry said. “Moscow continues to wage a hybrid war.”

The Kremlin denied all knowledge of the attack.

© 2022, paradox. All rights reserved.

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