The European Central Bank (ECB) plans to conduct the first stress tests on cyber resilience to determine how well individual banks can respond to and recover from cyber attacks. This was reported by the regulator's press service.
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Stress tests will be held in 2024 year and will include 109 banks under the supervision of the ECB. They will focus on how banks respond to cyber attacks and resume operations, rather than on their ability to prevent them.
28 banks will undergo an extended assessment, for which they will provide additional information about how they coped with a cyber attack. This sample includes different business models and geographic regions to provide a meaningful reflection of the eurozone banking system.
The findings will be used for a broader observational assessment in 2024. The main findings will be published in the summer.