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Report: EU may test banks' ability to thwart cyberattacks

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Report: EU may test banks' ability to thwart cyberattacks

EU regulators are considering testing the ability of lenders to counter cyberattacks amid mounting concerns over the banking sector's vulnerability to hacking, Reuters reported Jan. 23.

The European executive commission is testing additional security measures to combat cyber- and technology-enabled attacks, including cyber-threat information sharing as well as penetration and resilience testing of banks' systems, a commission official told the newswire.

The recent high-profile heists that targeted the Bangladeshi central bank and U.K. lender Tesco Personal Finance Plc have put banks' cybersecurity on the radar of regulators. The European Banking Authority warned in December 2016 that cybersecurity posed an increasing risk to banks.

An EBA official said no decision has been made yet on a possible cybersecurity test, according to Reuters. It added that the regulator is expected to outline details about the tests planned for mid-2018 in the summer.

Earlier in January, Lloyds Banking Group Plc experienced an IT glitch that left some of its customers unable to access their online accounts for more than two days. These system issues were the result of a cyberattack by an international gang that targeted some of the U.K.'s biggest banks, the Financial Times reported Jan. 22.