CNA News

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

Cypriot banks, Bank of Cyprus and Hellenic Bank have received on Thursday a letter by the European Central Bank informing them about their participation 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 February 29th.

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

It is expected that the banks will receive by the ECB before the end of January specific scenarios 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 in the center.

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 Wednesday 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”,  ECB had announced.

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