Banking News

ECB warns banks of expected uprise in cyberattacks

ECB warns banks of expected uprise in cyberattacks

(2 April 2020 – Europe) The European Central Bank (ECB) has contacted all major banks and financial institutions in Europe warning them of them of the potential threats to cyber-security as a result of the ongoing coronavirus pandemic. Due to mass staff absence, the ECB have raised the concern that banks are now more susceptible to attacks.

As more and more banking employees work from home, banks have less control on sensitive information being transferred via unsecure networks. This give reason for attackers to target key employees within banks and financial institutions with phishing emails or malicious links.

 

East & Partners latest Research Note presented proprietary demand side quantitative analysis of corporates preparedness for growing cybersecurity threats and importantly the capability for their bank to support them.

 

“Working from home might be convenient, but this might not be safer for the services and the data held by employees working remotely, especially if they are handling sensitive or personal data” stated Loughborough University Computer Science Expert, Dr Asma Adnane.

 

“Banks could be challenged in their operational capabilities in affected areas should employees be unable to perform their usual tasks,” said ECB Supervisory Board Chair, Andrea Enria.

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