FRANKFURT (Reuters) – The cybersecurity stress test that the European Central Bank (ECB) plans to conduct in the coming months will not affect specific capital requirements for banks, the Frankfurt institute said on Wednesday.
This long-planned “cyber stress test” in which 109 of the Union’s largest banks will participate will be part of a broader supervisory assessment, the ECB said in a press release.
It will be based on the assumption of a successful cyber attack that disrupts daily activities.
“The exercise will assess how banks react and recover from a cyber attack, rather than their ability to prevent it,” the ECB explained.
“Banks will then test their response and recovery measures, including activating emergency procedures and contingency plans and restoring normal operations.”
The main conclusions of this test will be revealed during the summer.
(Reporting by Balazs Koranyi; Blandine Hénault for the French version, Editing by Kate Entringer)
2024-01-03 11:27:00
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