The European Central Bank (ECB) has exposed a looming cybersecurity crisis within Euro zone banks, shedding light on a surge in financial losses and critical vulnerabilities. ECB's survey paints a concerning picture of the banking sector's preparedness in the face of evolving cyber threats.

The unravelling crisis

The Euro zone is witnessing a financial reckoning as banks grapple with the fallout of tech failures and outsourcing challenges, resulting in millions of euros in losses. The ECB's survey indicates a 360% increase in losses, reaching 148 million euros in 2022. This sharp rise, attributed to the "unavailability or poor quality of outsourced services," underscores a pressing need for a comprehensive reassessment of cybersecurity measures.

Cloud surge &amp; outsourcing struggles

One of the key revelations from the ECB's report is the substantial surge in cloud-related expenses. In 2022, Euro zone banks experienced a 56% spike in cloud expenditures, constituting 3.1% of their total tech-related spending. This surge reflects a paradigm shift in banking as institutions increasingly embrace cloud-based services. Simultaneously, the survey highlights the challenges associated with outsourcing, as tech contractors fall short of delivering promised services, contributing significantly to the escalating losses.

ECB's stark warning &amp; sectoral implications

The ECB's findings go beyond financial losses, raising concerns about the sector's overall cybersecurity posture. The survey identifies fundamental shortcomings in how banks approach cybersecurity, with many failing to adequately identify and address potential risks. While the losses are concentrated in specific institutions, the ECB emphasises that they serve as a warning signal for the entire sector.

Call to action: Immediate measures required

The ECB issued an unequivocal call to action in response to the alarming findings. All banks under its direct supervision are urged to take immediate and concrete steps to align their tech and cybersecurity risk management with supervisory expectations. Banks subjected to inspections have already received specific recommendations, signalling a no-nonsense approach to address the identified shortcomings.

Bottomline

As Euro zone banks navigate this cybersecurity storm, the imperative for immediate action becomes clear. The sector must fortify its defences, addressing the immediate challenges of tech failures and outsourcing woes and undertaking a comprehensive overhaul of cybersecurity strategies. The ECB's survey serves as a wake-up call, demanding a united front against evolving cyber threats for a resilient and secure financial future in the Euro zone.

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The European Central Bank (ECB) has exposed a looming cybersecurity crisis within Euro zone banks, shedding light on a surge in financial losses and critical vulnerabilities.

The European Central Bank (ECB) has exposed a looming cybersecurity crisis within Euro zone banks, shedding light on a surge in financial losses and critical vulnerabilities. ECB's survey paints a concerning picture of the banking sector's preparedness in the face of evolving cyber threats. The unravelling crisis The Euro zone is witnessing a financial reckoning as banks grapple with the fallout of tech failures and outsourcing challenges, resulting in millions of euros in losses. The ECB's survey indicates a 360% increase in losses, reaching 148 million euros in 2022. This sharp rise, attributed to the "unavailability or poor quality of outsourced services," underscores a pressing need for a comprehensive reassessment of cybersecurity measures. Cloud surge & outsourcing struggles One of the key revelations from the ECB's report is the substantial surge in cloud-related expenses. In 2022, Euro zone banks experienced a 56% spike in cloud expenditures, constituting 3.1% of their total tech-related spending. This surge reflects a paradigm shift in banking as institutions increasingly embrace cloud-based services. Simultaneously, the survey highlights the challenges associated with outsourcing, as tech contractors fall short of delivering promised services, contributing significantly to the escalating losses. ECB's stark warning & sectoral implications The ECB's findings go beyond financial losses, raising concerns about the sector's overall cybersecurity posture. The survey identifies fundamental shortcomings in how banks approach cybersecurity, with many failing to adequately identify and address potential risks. While the losses are concentrated in specific institutions, the ECB emphasises that they serve as a warning signal for the entire sector. Call to action: Immediate measures required The ECB issued an unequivocal call to action in response to the alarming findings. All banks under its direct supervision are urged to take immediate and concrete steps to align their tech and cybersecurity risk management with supervisory expectations. Banks subjected to inspections have already received specific recommendations, signalling a no-nonsense approach to address the identified shortcomings. Bottomline As Euro zone banks navigate this cybersecurity storm, the imperative for immediate action becomes clear. The sector must fortify its defences, addressing the immediate challenges of tech failures and outsourcing woes and undertaking a comprehensive overhaul of cybersecurity strategies. The ECB's survey serves as a wake-up call, demanding a united front against evolving cyber threats for a resilient and secure financial future in the Euro zone. WATCH WION LIVE HERE

Euro Zone Banks caught in cyber crossfire: ECB survey unveils tech turmoil

Gun violence is on a rise in Canada. The rising violence is also prompting the government to take gun control measures. Watch this report to know all about the recent shooting incident in Canada.

Canada shooting: Reports say suspect killed in police crossfire

As the battle for Idlib rages on, the Syrian government continues to pummel the rebel-held province with airstrikes. However, the minors are caught in the crossfire which has nothing to do with the civil war. Watch report:

Fineprint: Syrian civil war enters crucial phase, Minors caught in crossfire

One person was killed and several others were injured in a firing, after an army patrol party came under heavy stone pelting from a mob in Shopian&#39;s Ganowpora village in South Kashmir on Saturday.

Due to this, tensions have escalated in the area and clashes are still on.

The incident comes days after two terrorists were killed in an encounter in Dairoo&#39;s Chaigund area in Shopian on Wednesday.

Their bodies have been recovered by the security forces as well. The slain terrorists were later identified as locals.

A local boy was also killed in the ensuing crossfire, while two women sustained injuries.

More details are awaited.

Due to this, tensions have escalated in the area and clashes are still on

One person was killed and several others were injured in a firing, after an army patrol party came under heavy stone pelting from a mob in Shopian's Ganowpora village in South Kashmir on Saturday. Due to this, tensions have escalated in the area and clashes are still on. The incident comes days after two terrorists were killed in an encounter in Dairoo's Chaigund area in Shopian on Wednesday. Their bodies have been recovered by the security forces as well. The slain terrorists were later identified as locals. A local boy was also killed in the ensuing crossfire, while two women sustained injuries. More details are awaited.

Jammu and Kashmir: One killed in army firing in Shopian

US Olympic sprinter&nbsp;Tyson Gay&rsquo;s 15-year-old daughter died on Sunday after being caught in an exchange of gunfire between two vehicles outside a restaurant is Kentucky.&nbsp;

After the shooting in Lexington at about 4 am EDT (0800 GMT), Trinity Gay was taken in a private vehicle to a local&nbsp;hospital where she was pronounced dead, the Lexington Police Department said in a statement, Reuters reported.

&quot;She didn&#39;t make it. I am so confused,&quot; Gay told the sports editor with NBC-affiliate Lex 18 television. &quot;She was just here last week for fall break. It&#39;s so crazy.&quot;

Police said they have detained two people for questioning in connection with the incident and a homicide investigation is underway, Reuters reported.

In 2007, Tyson&nbsp;Gay won three gold medals at the World Championships in Osaka, Japan. He set the US record in the 100-meter sprint two years later.

Gay, who made his Olympic debut in 2008, won a silver medal with the 4x100 meters relay team at the 2012 Games in London but lost the medal after testing positive for a banned substance in 2013.

Condolences from the track and field world poured in on social media.

&quot;Sending our thoughts and prayers to (Tyson Gay) and his loved ones as they mourn the tragic &amp; senseless loss of his daughter, Trinity,&quot; USA Track and&nbsp;Field, the sport&#39;s national governing body, wrote on Twitter.

Trinity was a rising star on the track team at Lafayette High School in Lexington, her father&#39;s alma mater, Sports Illustrated reported.&nbsp;

&quot;Our hearts are broken this morning over the loss of Trinity to this tragic and senseless act of violence,&quot; Fayette County Public Schools, which runs the high school, wrote on Twitter.

 
(WION with inputs from Reuters) 
&nbsp;

15-year-old Trinity Gay was caught in an exchange of fire between two vehicles on Sunday and was pronounced dead in the hospital

US Olympic sprinter Tyson Gay’s 15-year-old daughter died on Sunday after being caught in an exchange of gunfire between two vehicles outside a restaurant is Kentucky. After the shooting in Lexington at about 4 am EDT (0800 GMT), Trinity Gay was taken in a private vehicle to a local hospital where she was pronounced dead, the Lexington Police Department said in a statement, Reuters reported. "She didn't make it. I am so confused," Gay told the sports editor with NBC-affiliate Lex 18 television. "She was just here last week for fall break. It's so crazy." Police said they have detained two people for questioning in connection with the incident and a homicide investigation is underway, Reuters reported. In 2007, Tyson Gay won three gold medals at the World Championships in Osaka, Japan. He set the US record in the 100-meter sprint two years later. Gay, who made his Olympic debut in 2008, won a silver medal with the 4x100 meters relay team at the 2012 Games in London but lost the medal after testing positive for a banned substance in 2013. Condolences from the track and field world poured in on social media. "Sending our thoughts and prayers to (Tyson Gay) and his loved ones as they mourn the tragic & senseless loss of his daughter, Trinity," USA Track and Field, the sport's national governing body, wrote on Twitter. Trinity was a rising star on the track team at Lafayette High School in Lexington, her father's alma mater, Sports Illustrated reported. "Our hearts are broken this morning over the loss of Trinity to this tragic and senseless act of violence," Fayette County Public Schools, which runs the high school, wrote on Twitter. (WION with inputs from Reuters)

Olympic sprinter Tyson Gay's daughter killed in Kentucky crossfire

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