Germany issues new warning to banks against cyberattacks due to war in Ukraine

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FRANKFURT (Reuters) – German financial regulator BaFin issued a new cybersecurity warning to the domestic financial sector on Tuesday due to the war in Ukraine following a recent increase in cyberattacks.

BaFin has repeatedly warned against cyberattacks, but Tuesday’s security advisory marks an escalation in its concerns.

“In recent days, there have been repeated attacks on IT infrastructure,” BaFin said.

BaFin said recent events have mostly taken the form of “distributed denial of service (DDoS)” attacks, in which hackers attempt to flood a network with unusually high volumes of data traffic in order to cripple it.

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Russia’s invasion of Ukraine, launched on February 24, has caused a serious deterioration in its relations with the West. Moscow denies Western accusations of involvement in cyberattacks.

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