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German financial watchdog warns of 'very big' risk of cyberattacks

German financial watchdog warns of 'very big' risk of cyberattacks
German financial watchdog warns of 'very big' risk of cyberattacks   -   Copyright  Thomson Reuters 2022
By Reuters

FRANKFURT – Germany’s financial regulator BaFin on Tuesday warned of a “very big and very present” risk of cyberattacks in the wake of Russia’s invasion of Ukraine.

BaFin has long warned about cyber risks, but the statements mark a harsher tone.

“The war has made cyberattacks on the German financial sector more probable,” BaFin President Mark Branson said.

Branson, speaking at an annual press conference during his first year in office, said that direct effects of the war and its resulting sanctions are manageable but that second- and third-round effects could create problems.

He warned that a sudden and hefty increase in interest rates could present difficulties for banks.