On November 6th, Federal Investigation Agency (FIA) Cybercrimes Director Capt. Mohammad Shoaib reported that almost all the banks in Pakistan were hacked and suffered a major security breach.
The data breach was revealed when 10 banks blocked all international transactions on debit and credit cards. FIA did high level investigation when 100 cases of security breach was reported in the recent past.
According to investigations, the first case of the cyber attack on banks was reported by BankIslami on October 27th. BankIslami blocked all international transactions when they noticed unusual transactions that are worth around 20,000 USD.
In addition to the stolen cash, data of over 8,000 account holders was sold on the black market. A gang was arrested when its members used stolen data to withdraw money from the banks in the disguise of Pakistani Army personnel. FIA wrote to all banks to increase their security against the data breach.
Hackers vs. Robbers
With the implementation of online banking, the financial systems across the world are the best targets for cyber-attacks. The heists do not happen with guns anymore. Hackers can heist thousands of dollars without getting up from their seats.
When hackers find a weakness in the targeted banking system, they can infiltrate it from another computer from a random location. Since cyber heists are less risky for the hackers, banks must take all security precautions to prevent all kinds of data breach. In the end, banks will be held responsible if their security features are weak.
To Ensure Cyber Safety and Safe Online Transactions
The banks must protect all of end user devices, which connect to their IT infrastructure such as laptops and cellphones, from all kinds of malicious software. To achieve this objective an advanced corporate network protection software, is a must.
We at Zemana are aware that cyber threats are becoming a greater danger in the corporate world, so this is why we invested a lot of resources, time and energy into our business solution, Zemana Endpoint Security. This product offers full protection of your corporate network. You can learn more about it here.
All data stored on end user devices or a cloud must be encrypted. Thus, in an event of a data breach the stolen data cannot be used or the login credentials can be changed until the decryption process is completed.
As many banks use third-party services to give their customers better service, banks should be aware that if a third-party service has a weak cyber security system, it will also weaken banks’ security system.
In this case, the banks should take vendors’ cyber security systems into consideration before deploying their solutions. Banks should consider doing penetration tests to find vulnerabilities of their IT infrastructure.