The European authorities which are planning the 2024 stress test regarding the cyber security Cyber Security Test want the banks to be well prepared.
Given that the cost of cyberattacks in Europe alone has shown an increase of 50% in 2022. Unfortunately, cost figures have been calculated at an international level only for 2021, the year in which this cost was estimated at approximately 6 billion euros. Today, this cost is considered to be close to 9 billion euros, but there are no official figures.
The European authorities consider this issue extremely important since a large part of this cost passes through the credit institutions.
The test will be structured in three levels:
– It will test the level of bank data security, the possibility of breaking codes, etc.
The certification of the banks’ systems will be based on special standards and indicators established by the authorities.
– It will test the ability of banks to react in the event of a cyber-attack in order to recover data and continue their operations.
– It will test provisions which have been taken for the costing of the specific risks
At the same time, any weaknesses that will emerge from the exercise will lead the banks to take special measures to upgrade their systems so that their uninterrupted operation is possible.
