By Nina Kienle
The European Central Bank said it will conduct stress tests on banks' cyberattack response and recovery this year.
The Frankfurt-based institution said on Wednesday that the test will assess 109 directly supervised banks on their ability to recover from a cyberattack rather than the ability to prevent it.
Under the test scenario the cyberattack will successfully disrupt banks' daily operations and assess recovery measures, such as the activation of emergency procedures, the ECB said. As part of the test, 28 banks will take an enhanced assessment, which will provide information on different business models and geographies in the euro banking system, ECB said.
The results of the tests won't have an impact on the ECB's capital recommendation, but will be used for wider supervisory assessment, the central bank said.
The results will be shared in the summer of 2024, the ECB said.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
01-03-24 1113ET
