ECB says the next European bank hack is just a matter of time

Skyscrapers including the headquarters of the ECB (left), Commerzbank AG, and twin tower headquarters of Deutsche Bank AG, stand illuminated at dusk in the financial district in Frankfurt, Germany. European banks tend to avoid putting 'highly confidential data' on public clouds, but are still seen as 'juicy targets' for hackers, said Ibel. — Bloomberg

A senior official at the European Central Bank warned that banks embracing external data storage and other digital technology need to face an uncomfortable truth: there’s a good chance they’ll get hacked.

“There will be accidents, especially in the cloud,” Korbinian Ibel, a director general at the ECB’s supervisory arm, said in an interview. “It’s not that clouds are more vulnerable, they’re actually often better protected than in-house systems, but they’re seen as juicy targets.”