“The European Central Bank Hacking Scandal: What Could Have Happened if It Was Successful?”

By E Scholz and Cleopatra

Close calls, a brush with the nuclear metaphoric button are just part of modern technology. The 6–12 hacking attempt on the European Central Bank and its President, Christine Lagarde, serves as a stark reminder of the dangers and consequences of cyber threats in the modern age. While the attempt was identified and stopped quickly, it is imperative to consider what could have happened if it had been successful. The failure of the European bank system would have been catastrophic and would have had far-reaching consequences, not just in the Eurozone, but globally.

Firstly, the loss of sensitive financial information could have severely impacted the confidence of individuals and institutions in the European banking system. Customers of the European Central Bank and other banks within the Eurozone would have lost faith in the ability of the banks to protect their sensitive information and financial assets. This loss of confidence could have resulted in widespread panic and a run on banks, leading to a financial crisis and instability.

Secondly, the theft of sensitive financial information and funds from the accounts of prominent individuals, companies, and governments could have resulted in significant economic loss and instability. This could have had a ripple effect throughout the global economy, leading to a slowdown in economic growth and increased financial insecurity for millions of people.

Finally, the failure of the European bank system could have resulted in a loss of trust in the stability and reliability of the euro currency. This loss of trust could have led to a decline in the value of the euro, as well as a decline in its use as a global reserve currency. This, in turn, could have resulted in a loss of economic power and influence for the countries within the Eurozone, as well as increased financial volatility and instability.

In conclusion, the July 12th 2022 hacking attempt on the European Central Bank serves as a powerful reminder of the dangers of cyber threats and the importance of robust cybersecurity measures. The failure of the European bank system could have had far-reaching consequences, including a loss of confidence in the banking system, significant economic loss, and a decline in the value and use of the euro currency. It is imperative that the necessary measures are taken to protect the financial systems and economies of the world from such threats. This reminds us, if the phone call had not been made, if technology had not been trusted, we would not be in the comparable paradise of Chinese weather balloons.

Citations:

“European Central Bank Head Targeted in Hacking Attempt.” AP News, 12 July 2022, https://apnews.com/article/technology-angela-merkel-european-central-bank-4cd599a7502d9617a401155abf054502