With the Ukraine crisis brewing, the European Central Bank is talking to financial institutions about a possible Russian-sponsored cyberattack, according to Reuters.
The ECB has been questioning banks about their defences, says Reuters, citing sources. Banks have also been carrying out cyber war games to test their systems.
Last month, the New York Department of Financial Services issued an alert warning banks that they could face cyberattacks from Russia if the US imposes sanctions over a potential Ukraine invasion.
The UK's Financial Conduct Authority has also sent a 'Dear CEO' letter to UK bank executives warning them to bolster their cyber defences. This includes working with outsourced IT providers and Big Tech cloud companies on emergency cutovers to ensure backups are available.
Ukrainian websites were hit earlier this year by a cyberattack that left a warning to "be afraid and expect the worst", as Russia deployed troops near their border.
Kev Breen, director, cyber threat research at Immersive Labs welcomed the ECB's move, adding: "In today’s world of hybrid connected warfare, high-profile organisations or those considered critical national infrastructure like banks are often unwittingly dragged onto the front lines.
"So, at such times of heightened geopolitical tensions, it is imperative they ensure defences are up."