Banks Need to Prioritize Spending on Cyber Defenses, ECB Says

The European Central Bank said lenders in the region need to keep investing in their ability to respond to attacks by hackers after a landmark stress test of the industry showed “room for improvement.”

“Banks need to prioritize investment in cyber security and treat it as a vital strategic component that underpins their operational resilience,” said Anneli Tuominen, a member of the ECB’s Supervisory Board.