E.U., U.S. on High Alert for a Possible Russian Cyberattack on Banks

The European Central Bank (ECB) has warned banks to be prepared for a possible Russian sponsored cyberattack as tensions mount over Ukraine. The conflict between Russia and Ukraine has bothered both political and business leaders of Europe, who fear an invasion could damage the entire region.

Earlier this week, French President Emmanuel Macron had visited both Moscow and Kyiv to act as a mediator after Russia amassed 100,000 troops near the border with Ukraine.

The ECB is also concerned that the tensions could lead Russia to sponsor cyberattacks directed on European banks. The bank has been focused on ordinary scams that climbed during the pandemic, but the Ukraine crisis has forced it to focus on bigger cyberattacks from Russia. The ECB has questioned banks on their readiness in case of such attacks.

ECB’s concerns have been shared by other regulators as well.

The New York Department of Financial Services issued a warning to financial institutions last month, saying they should be prepared for retaliatory Russian cyberattacks should Russia invade Ukraine and trigger U.S. sanctions.

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