Bank of Cyprus and Hellenic Bank to participate in ECB cyberattack stress test

15:45 - 05 January 2024

Financial Services Reporter

Cypriot banks, Bank of Cyprus and Hellenic Bank have been informed by the European Central Bank that they will be participating in the stress tests against cyberattacks that will be carried out in the Eurozone systemic banks.

CNA has learned that the two Cypriot banks must submit their test results by 29 February.

The same sources said that the Cypriot banks are at this stage waiting for the ECB scenarios, based on which they will carry out the exercise.

It is expected that the banks will receive specific scenarios from the ECB before the end of January so that they can proceed with the test exercise, in which all departments/units of the two banks are expected to participate, with the information security unit being at the centre.

According to bank sources, Cypriot banks are already prepared for the possibility of a cyber-attack as they regularly conduct test exercises for such an eventuality. The critical scenario defined by the ECB assumes that the bank is dealing with a successful cyberattack that disrupts its daily operations, according to a statement issued last week by the ECB.

Around 109 banks of the Eurozone will participate in this test to determine the means they have to "respond to and recover from a cyberattack, rather than their ability to prevent it," the ECB had announced.

The exercise will examine the financial institutions' emergency procedures and their plans to restore normalcy following such an attack.

(Source: CNA)

Bank of Cyprus and Hellenic Bank to participate in ECB cyberattack stress test

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