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War in Ukraine Increases Risk of Big Cyber Attacks, ESRB Says

Sept. 29, 2022, 2:05 PM

European financial regulators warned that Russia’s invasion of Ukraine and the resulting fallout has raised the likelihood of hacking attacks in the wider region.

“The war in Ukraine has increased the probability of large-scale cyber incidents, which may disrupt critical economic and financial infrastructures, and impair the provision of key economic and financial services,” the European Systemic Risk Board said in a statement on Thursday in Frankfurt.

The ESRB, which brings together authorities from across Europe, also warned that:

  • The probability of “tail-risk scenarios” materializing has increased since the beginning of 2022
  • Banks need to book sufficient loan loss provisions ...