• Home
  • Cyber Crime
  • Cyber warfare
  • APT
  • Data Breach
  • Deep Web
  • Digital ID
  • Hacking
  • Hacktivism
  • Intelligence
  • Internet of Things
  • Laws and regulations
  • Malware
  • Mobile
  • Reports
  • Security
  • Social Networks
  • Terrorism
  • ICS-SCADA
  • POLICIES
  • Contact me
MUST READ

Stormous Ransomware gang targets North Country HealthCare, claims 600K patient data stolen

 | 

United Natural Foods Expects $400M revenue impact from June cyber attack

 | 

Cisco patches critical CVE-2025-20337 bug in Identity Services Engine with CVSS 10 Severity

 | 

UNC6148 deploys Overstep malware on SonicWall devices, possibly for ransomware operations

 | 

Operation Eastwood disrupted operations of pro-Russian hacker group NoName057(16)

 | 

Salt Typhoon breach: Chinese APT compromises U.S. Army National Guard network

 | 

Former US Army member confesses to Telecom hack and extortion conspiracy

 | 

CVE-2025-6554 marks the fifth actively exploited Chrome Zero-Day patched by Google in 2025

 | 

DDoS peaks hit new highs: Cloudflare mitigated massive 7.3 Tbps assault

 | 

U.S. CISA adds Wing FTP Server flaw to its Known Exploited Vulnerabilities catalog

 | 

Android Malware Konfety evolves with ZIP manipulation and dynamic loading

 | 

Belk hit by May cyberattack: DragonForce stole 150GB of data

 | 

North Korea-linked actors spread XORIndex malware via 67 malicious npm packages

 | 

FBI seized multiple piracy sites distributing pirated video games

 | 

An attacker using a $500 radio setup could potentially trigger train brake failures or derailments from a distance

 | 

Interlock ransomware group deploys new PHP-based RAT via FileFix

 | 

Global Louis Vuitton data breach impacts UK, South Korea, and Turkey

 | 

Experts uncover critical flaws in Kigen eSIM technology affecting billions

 | 

Spain awarded €12.3 million in contracts to Huawei

 | 

Patch immediately: CVE-2025-25257 PoC enables remote code execution on Fortinet FortiWeb

 | 
  • Home
  • Cyber Crime
  • Cyber warfare
  • APT
  • Data Breach
  • Deep Web
  • Digital ID
  • Hacking
  • Hacktivism
  • Intelligence
  • Internet of Things
  • Laws and regulations
  • Malware
  • Mobile
  • Reports
  • Security
  • Social Networks
  • Terrorism
  • ICS-SCADA
  • POLICIES
  • Contact me
  • Home
  • Breaking News
  • Security
  • A cyber-attack on major banks could trigger a liquidity crisis, ECB President Christine Lagarde warns

A cyber-attack on major banks could trigger a liquidity crisis, ECB President Christine Lagarde warns

Pierluigi Paganini February 10, 2020

The president of the European Central Bank (ECB), Christine Lagarde, is warning that a cyber-attack on a major financial institution could trigger a liquidity crisis.

The president of the European Central Bank (ECB), Christine Lagarde, has warned that a coordinated cyber-attack on major banks could trigger a liquidity crisis.

President Lagarde cited findings of a report by the European Systemic Risk Board (ESRB) that estimate the global cost of cyber attacks at between $45bn and $654bn.

Lagarde warns that operational outages that encrypted or destroyed balance accounts at a major bank could trigger a liquidity crisis.

“As an operator of critical infrastructures, the ECB obviously takes such threats very seriously,” Lagarde said in France on Wednesday evening.

“History shows that liquidity crises can quickly become systemic crises,” she added. “The ECB is well aware that it has a duty to be prepared and to act pre-emptively.”

ECB

President Lagarde remarked that global risks are linked, a concept is yearly illustrated in the report published by the World Economic Forum.

Below two eloquent graphs included in the Global Risks Report 2020 that show that the risk of cyber-attack has a high likelihood and a high impact.

The second graph shows the strict link between the risk of cyber attacks and other risks such as “Critical infrastructure failure” and “Social instability Social instability,” and “Fiscal crises.”

At a recent board meeting, the European Systemic Risk Board (ESRB)  warned that cyber warfare represents a major source of risk to the financial system.

“Last year, the G7 announced a joint cross-border crisis management exercise on a cyber incident affecting the financial system that it carried out in June 2019, saying that cyber risks were increasing and posed a “genuine and growing threat” to the stability and integrity of the financial sector.” reported the Independent. “It was the first exercise of its kind to be by finance ministries, central banks, regulators and financial market authorities. It did not reveal the the G7 asked its Cyber Experts Group to review financial regulation, and to look at whether the impacts could be measured better.”

In 2018, the European Central Bank has published the European framework for testing financial sector resilience to cyber attacks.

The framework aims to simulate the effects of cyber attacks on critical systems in the banking industry in the European Union.

The move is the response to the numerous cyberheists that hit the financial industry in the past years, like the attacks against the SWIFT system and the assault against online and mobile services at the Netherlands’ three top banks.

European Central Bank framework

The framework also includes the involvement of “red teams” for vulnerability assessments and penetration tests of systems used by companies in the financial sector.

“The European Central Bank (ECB) today publishes the European Framework for Threat Intelligence-based Ethical Red Teaming (TIBER-EU), which is the first Europe-wide framework for controlled and bespoke tests against cyber attacks in the financial market.” reads the announcement published by the ECB.

“The TIBER-EU framework facilitates a harmonised European approach towards intelligence-led tests which mimic the tactics, techniques and procedures of real hackers who can be a genuine threat. TIBER-EU based tests simulate a cyber attack on an entity’s critical functions and underlying systems, such as its people, processes and technologies. This helps the entity to assess its protection, detection and response capabilities against potential cyber attacks.”

In May 2018, the European Central Bank (ECB) published the European Framework for Threat Intelligence-based Ethical Red Teaming (TIBER-EU), which is the first Europe-wide framework for controlled and bespoke tests against cyber attacks in the financial market.

The main goal for the Framework is to facilitate testing for cross-border entities under oversight of several authorities, it aims to help organizations measure their ability in detecting and responding cyber attacks.

The instructions on how to “How to implement the European framework for Threat Intelligence-based Ethical Red Teaming” are available here.

In August 2019, the European Central Bank (ECB) announced that threat actors had access for months to the contact information of hundreds of financial industry subscribers to its newsletter.

The good news is that the BIRD website was run on an external server that is separated from the ECB infrastructure, according to the bank neither internal systems nor market-sensitive data were affected.

[adrotate banner=”9″] [adrotate banner=”12″]

Pierluigi Paganini

(SecurityAffairs – ECB, cyber security)

[adrotate banner=”5″]

[adrotate banner=”13″]


facebook linkedin twitter

banking ECB Hacking it security news Pierluigi Paganini Security Affairs Security News

you might also like

Pierluigi Paganini July 17, 2025
Stormous Ransomware gang targets North Country HealthCare, claims 600K patient data stolen
Read more
Pierluigi Paganini July 17, 2025
United Natural Foods Expects $400M revenue impact from June cyber attack
Read more

leave a comment

newsletter

Subscribe to my email list and stay
up-to-date!

    recent articles

    Stormous Ransomware gang targets North Country HealthCare, claims 600K patient data stolen

    Data Breach / July 17, 2025

    United Natural Foods Expects $400M revenue impact from June cyber attack

    Security / July 17, 2025

    Cisco patches critical CVE-2025-20337 bug in Identity Services Engine with CVSS 10 Severity

    Security / July 17, 2025

    UNC6148 deploys Overstep malware on SonicWall devices, possibly for ransomware operations

    Hacking / July 17, 2025

    Operation Eastwood disrupted operations of pro-Russian hacker group NoName057(16)

    Cyber Crime / July 16, 2025

    To contact me write an email to:

    Pierluigi Paganini :
    pierluigi.paganini@securityaffairs.co

    LEARN MORE

    QUICK LINKS

    • Home
    • Cyber Crime
    • Cyber warfare
    • APT
    • Data Breach
    • Deep Web
    • Digital ID
    • Hacking
    • Hacktivism
    • Intelligence
    • Internet of Things
    • Laws and regulations
    • Malware
    • Mobile
    • Reports
    • Security
    • Social Networks
    • Terrorism
    • ICS-SCADA
    • POLICIES
    • Contact me

    Copyright@securityaffairs 2024

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities...
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
    Non-necessary
    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
    SAVE & ACCEPT