Banks in Cyprus and all across Europe are on high alert over a possible Russian-sponsored cyber attack now that they have imposed sanctions over the war in Ukraine.
This is what Philenews reported on Sunday citing insiders who also said the European Central Bank has already warned them over the increasing risk.
A Bank of Cyprus insider said banks in Cyprus are ready for any eventuality even though the current conflict amplifies the broader trend of increased volume, size and sophistication of attacks.
The systems and safeguards applied by Bank of Cyprus fully comply with ECB and Central Bank of Cyprus (CBC) guidelines and cyber security systems.
At the moment, and due to geopolitical developments, the lender has implemented an increased level of monitoring and readiness to confront possible cyber attacks.
Authorities all across Europe are also encouraging financial institutions to urgently adopt an enhanced cybersecurity position.
There are two types of attacks, experts have warned. Either hackers try to crack down on software systems of a bank, such as sending millions of e-mails to e-banking in bulk so that the system crashes and no longer in a position to serve customers.
Or, in the second case, the attack by hackers has to do with theft of customer data.