SocGen Warns Staff of Increased Cyber Risk Amid Ukraine War
(Bloomberg) -- Societe Generale SA is asking staff for extra vigilance in online communications, amid fears that Russia's war efforts could lead to a spike in cyber attacks.
The Paris-based bank's security and technical teams are very closely monitoring online attacks, according to a staff memo seen by Bloomberg News. Reminding its staff of the basic rules to avoid phishing, SocGen said that ransomware represents the number one risk of cyber attacks for the company.
“Societe Generale takes information security very seriously in order to protect customer data and its Information System,” the lender said in an emailed statement to Bloomberg News. The bank's “security and technical teams are always on alert for any evolving threats.”
Russian Cyber War Poses Threat to Insurers as Well as Ukraine
“No specific external cyber attack has yet been identified,” the bank said, declining to comment further on the memo.
Prior to the launch of Russia's military invasion of Ukraine, the European Central Bank had warned banks against increased cyber risk in case of worsening geopolitical tensions, without naming any particular country. Last month, several Ukrainian banks were targeted by cyber attacks.
SocGen has been particularly hit by an investor sell-off amid concerns over its exposure to Russia via local unit Rosbank, and its stock almost 40% since a multi-year high it touched just last month. Still, the bank's capital cushions could absorb a potential write-off of its local investment, according to Fitch Ratings.
The war has also led SocGen to wind down some dealings with Russia, amid concern that future sanctions could include energy or a total expulsion of Russia from the SWIFT system of international payments. At the onset of the war, the lender halted the financing of commodities trading flows with the country, Bloomberg reported.
©2022 Bloomberg L.P.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
