EU Banks Warned Of Rise In Cybercrime Amid Pandemic

Law360, London (October 22, 2020, 4:45 PM BST) -- A European central banker said on Thursday that the financial services sector must ramp up its defenses against cybercrime as it recovers from the COVID-19 pandemic, after finding that the economic chaos caused by the crisis has led to an increase in cyberattacks.

Banks have succeeded in adapting to digital and remote working amid the coronavirus outbreak, Pentti Hakkarainen, a member of the supervisory board of the European Central Bank, said. But he warned that banks should not become complacent about online resilience. simply because they have performed well under this stress test.

Hakkarainen also warned finance firms that cybercriminals are becoming...

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