Europe’s banks brace for Russia-backed cyber retaliation

Beefed-up sanctions on Russia’s largest banks spark IT security alert; 100s of computers brought down in Ukraine

Russian flag

European banks are preparing for an escalation of state-sponsored cyber attacks as Russia’s invasion of Ukraine unleashed a barrage of sanctions against the country’s largest financial firms.

Senior operational risk sources at a UK bank and a European Union bank tell they expect Russia-backed hacking groups to conduct retaliatory cyber attacks on western financial infrastructure as global leaders applied asset freezes to local banking giants including Sberbank and VTB.

“I think

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