Financial Services category powered by

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

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)

Read More

AstroBank’s Charis Kynigou discusses merger with Alpha Bank
Capital.com enhances EU Client protection with up to $1 million insurance cover
CBC keeps countercyclical capital buffer rate at 1.5%
eToro’s Avi Sela on how the fintech company’s IPO opened the way for others to go public
Alpha Bank: The price for the acquisition of AstroBank is 'no less than €205 million'
Agreement signed for sale of AstroBank to Alpha Bank Group
Hellenic Bank and Eurobank Cyprus becoming one and reshaping the banking map
EBF CEO warns €1 trillion in frozen capital risks undermining EU Goals
Aristidis Vourakis: Deutsche Bank considering return to Cyprus
Makis Keravnos: The Cypriot banking system is back on a healthy trajectory