Cyber attacks

The current situation is alarming for all Pakistani banks in the backdrop of FIA Cybercrimes Director, Muhammad Shoaib’s statement about the hacking and breach of the data of almost all Pakistani banks. Some hackers from outside Pakistan have breached several local banks and have stolen large amounts of money from people’s accounts which is witnessed from recent cyber attack on Bank Islami on 27 October as a result of poor security system for copping cyber attacks. Stealing Rs.2.6 million from international payment cards is what drags the attention of civilians that their accounts, boasted to be safe, are unsecure. Accordingly, more than 100 cases are being investigated by the agency in connection with the breach. As a consequence, it has caused a great panic among millions of account holders and users of credit and debit cards. Banks are the custodians of the money where people feel secure to store their wealth without any fear. If their security features are so weak that they result in pilferage, the people will certainly lose their trust. However, the recent cyber attacks on the banks have made it quite clear that initiatives for the improvement in the security system of banks are direly needed.
The State Bank needs to introduce latest technology to strengthen cyber security in order to shun such cyber attacks since the occurrence of such attacks may lead to a greater loss in future. Strengthening digital security can be a best option to go hand in hand with this phenomenon.
A B BALUCH
Turbat

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