Abanca faces $3.29 mn penalty for delay in reporting cyber attack

European Central Bank has imposed a penalty of $3.29 million on Spanish bank Abanca for its delay in reporting a cyber attack that forced it to suspend its main means of payment in 2019.
Cybersecurity for CSOs
“The bank’s omission hindered the ECB’s ability to properly assess Abanca’s prudential situation and to react in a timely manner to potential threats to other banks,” the ECB said as it announced the 3.1 million euro ($3.29 million) fine.