German companies from the financial sector under threat of Cyberattack,

Berlin: The regulatory body warned that the threat of major cyberattacks on the German Financial institutions had significantly increased given the Russia-Ukraine conflict. Over the last two months, there had been cyberattacks on German companies from the energy and automobile sector. Following that, the Five Eyes group had warned only last month that Russia was preparing for a major cyberattack. The significance of the warning issued by the German body increases further against this background.

There had been two cyberattacks on Ukraine before the start of the conflict. Russia had been accused of the attacks. But Russia had dismissed the accusations. After the Russia-Ukraine conflict started, the international hackers’ group ‘Anonymous’ declared a cyberwar against Russia. The Russian hackers also retaliated against this. While there is conflict on the Ukrainian land, there seems to be a war flaring up in the cyber sector.

The US and European agencies had accused Russia of having a hand in the major cyberattacks over the last decade. The United States and European countries had even initiated action against Russia on the issue of cyberattacks. The Russian cyberattacks have not stopped even after this and concerns of the attacks intensifying against the background of the Russia-Ukraine conflict are being expressed.

Last month three German companies from the energy sector were hit by cyberattacks. Although the German agencies have not named any group or country, the media has started pointing fingers at Russia. Deutsche Windtechnik, Nordex Se and Enercon GMBH were the companies hit. After that, the Car rentals company Sixt was hit by a cyberattack.

Against the background of these cyberattacks, BaFin, the regulatory body in the German Financial sector, has warned the companies in the financial sector regarding the possible cyberattacks. BaFin Chief Mark Branson recorded his observations saying, ‘The threat of cyberattacks on the financial institutions has greatly increased given the Russia-Ukraine conflict. Such major cyberattacks could jolt the stability of the financial sector. We don’t feel that the German companies are fully geared up to counter such cyberattacks.’

Last month, the Five Eyes group said Russia was preparing to launch major cyber strikes on countries assisting Ukraine in the conflict. The Five Eyes pointed out that Russian hackers can steal huge amounts of information remaining anonymous. In the warning, Five Eyes said that over ten active hacker groups are affiliated with the Russian intelligence agencies and defence forces. Russia also has made similar allegations against the United States and European countries. Russia has alleged that these countries have made preparations to launch cyberattacks and blame them on Russia.