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German financial watchdog warns of ‘very big’ risk of cyberattacks
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FRANKFURT (Reuters) – Germany’s financial regulator BaFin on Tuesday warned of a “very big and very present” risk of cyberattacks in the wake of Russia’s invasion of Ukraine.
FRANKFURT (Reuters) – Germany’s financial regulator BaFin on Tuesday warned of a “very big and very present” risk of cyberattacks in the wake of Russia’s invasion of Ukraine.
BaFin has long warned about cyber risks, but the statements mark a harsher tone.
“The war has made cyberattacks on the German financial sector more probable,” BaFin President Mark Branson said.
Branson, speaking at an annual press conference during his first year in office, said that direct effects of the war and its resulting sanctions are manageable but that second- and third-round effects could create problems.
He warned that a sudden and hefty increase in interest rates could present difficulties for banks.
(Reporting by Tom Sims and Frank Siebelt; Editing by Miranda Murray)
Cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks. These attacks often aim to access, change, or destroy sensitive information.
Interest rates are the cost of borrowing money or the return on savings, expressed as a percentage of the principal amount. They can influence economic activity and consumer behavior.
Financial stability is a condition where the financial system operates effectively, allowing for the smooth functioning of markets and institutions, minimizing the risk of financial crises.
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