Abanca fined $3.3M for missing 2-hour breach reporting deadline
The European Central Bank (ECB) fined Spanish bank Abanca 3.145 million euros (U.S. $3.3 million) after it “knowingly failed” to report a major cyber breach within the prescribed two-hour time limit.
In February 2019, Abanca was targeted by a cyberattack that infected its IT systems with malicious software. The bank was forced to suspend payments through its internet and mobile banking services, cash machines, and SWIFT (Society for Worldwide Interbank Financial Telecommunications) payment services.
None of the bank’s customers suffered financial loss because of the breach.