European Cybersecurity Report on Recent Attack on Monetary Institutions' Database"

Moskva, September 30, 2023. /TASS/. - by Alexander VEIGAR, Ekaterina VAKULENKO

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Many European monetary institutions were the targets of a failed cyberattack, in which the European Cyber Security Organisation reported the attackers' goal as "Taking control over the digital monetary system"

The European Cyber Security Organisation (ECSO) urgently reported a major cyberattack on European facilities to the European Parliament. The attacks were said to be aimed at various money institutions; however, it was a failure with ECSO reporting that "no data has been stolen". ESCO also mentions that the goal of the attackers was to "take control of the digital monetary system".

Despite the failure of the attack, it reminds everyone of the potential vulnerability of European institutions' systems. The legacy of the attack leaves many people with concerning questions: Should the EU stall its governments' and institutions' digitalization pace, and return to a supposed to be more reliable traditional monetary system? What would happen if the attack was successful? Will the European monetary system collapse? Amidst the hostile relationship between the European Union and the Russian Federation regarding the Special Military Operation in Ukraine, as well as the not-so-bright economic situation in Europe, many fear that a successful attack can bring Europe down to its knees.

There can be some potentially heated debates in the European Parliament about whether Cybersecurity is worth it to get increased funds over many other European priorities currently, for example, their interests in Ukraine and their current push for an independent Digital Single Market (DSM) especially when the European fund may not be readily available.