ECB warns lenders of possible Russia cyberattack

The European Central Bank (ECB) is reportedly getting lenders prepared for a potential Russian cyberattack.

According to City A.M, the preparations come as analysts are warning the move by Russia could be used to de-stabilise Ukraine.

The publication noted that the bank is on ‘high alert’ amid rising tensions between the two countries.

There is growing global pressure on Russia to de-escalate tensions with Ukraine, with UK Prime Minister Boris Johnson and Foreign Secretary Liz Truss recently meeting with their Russian counterparts to try to slow down developments.

A number of Ukrainian government websites were hacked recently in what appeared to be a coordinated attack by Russian state-sponsored actors.

The US recently called on Europe to take the risk of cyberattacks more seriously, with the New York Department of Financial Services recently issuing an alert warning banks that they could face cyberattacks from Russia if the US imposes sanctions over a potential Ukraine invasion.

According to 2021 research by IBM research, some 23% of cyber attacks are currently aimed at financial institutions, with a single data breach sometimes costing around $5.72m in the US.

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