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 “cyber stress test”, planned for a long time and in which 109 of the largest banks in the bloc will participate, will be part of a broader evaluation of supervision, the ECB said in a press release.
It will be based on the hypothesis of a successful cyberattack that would disrupt daily activities.
“The exercise will assess how banks react to and recover from a cyberattack, 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, edited by Kate Entringer)
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