Report: Banks, financial institutions faced cyberattacks every 39 seconds in 2016

Published at 03:31 pm July 23rd, 2017
Last updated at 10:15 pm July 23rd, 2017

Trans IT, a Bangladeshi IT firm revealed that banks and financial institutions worldwide came under cyber attack every 39 seconds in 2016. The report titled “Cyber Threat: Readiness for Bankers,” also revealed that worldwide losses due to ransomeware attack was worth more than $1bn only and the losses from the cyber attacks might cross the $6tn mark by 2021.

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The report was unveiled at the Bangladesh Institute of Bank Management office in Dhaka’s Mirpur on Sunday. The study stated that 64% of of the cyber attacks occurred in 2016 were web-based, 62% were due to phishing and social engineering, 59% for malware and botnets and 51% as a result of denial of service. “With a view to hacking thousands of crore of money, the hackers are trying continuously to enter the payment system of banks and other financial institutions by deceiving bankers, especially taking the advantage of mistakes done by common employees,” said Rubaiyyaat Aakbar, an IT security analyst and representative of Trans IT Solution, during his keynote speech at the seminar. He emphasised that the bankers have to be alert at every stage to prevent cyber attacks in future.

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“As the hackers’ main target is the banking and financial sector, Bangladesh is not out of their target. So, all have to be aware of possible attacks and take initiatives to prevent them.” Fazle Kabir, the governor of Bangladesh Bank, also attended the ceremony as chief guest. Anis A Khan, chairman of Association of Bankers, Bangladesh (BAB) and also managing director of Mutual Trust Bank, Abul Kashem Md Shirin, managing director of Dutch-Bangla Bank, and Amirul I Chowdhury Mizan, CEO of Trans IT Solution, also spoke at the occassion. They emphasised the need to improve skills of bankers to make them “completely aware” so that they could prevent any possible cyber attacks in future.

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The bankers should be trained practically on cyber attacks showing them how a cyber heist can take place and how to prevent such heist, they said, adding that only a “completely aware” banker would be able to prevent cyber attacks. Bangladesh Bank became the talk of the financial world after it was revealed last year that hackers stole $81m from the bank’s New York Federal Reserve account by manipulating weak internal cyber security system of the Bangladeshi central bank. The heist, till date, is considered the largest cyber theft ever.