Cyber resilience looks set to be a major focus for Europe's financial regulators as the European Central Bank (ECB) announced its thematic stress tests for 2024.

More than 100 banks will be subject to a test of their abilities to recover from a cyber attack.

Rather than testing the ability to prevent an attack, the ECB wants to see how quickly financial institutions can get back to full operations after a successful cyber attack.

The stress tests are the first ones to focus on cyber resilience and demonstrate the growing dependency among financial institutions on digital technology.

Previous stress tests have focused on liquidity risk, interest rate risk and climate risk.

©2024 fundsTech