Building robust cybersecurity systems have been one of the biggest challenges, particularly for the global banking systems. Pakistan too, has suffered huge losses as a victim of cyber attacks and warfare, costing billions of rupees.
Pakistan has reported more than six hundred defacement attacks since January 2020. According to the data provided by Pakistan Computer Emergency Response Team (PakCERT) the attacks have increased after the COVID-19 outbreak in March. The influx of online transactions due to the pandemic have made people vulnerable to fraudulent activities.
Arab News Pakistan reported that main targets are often local banks, though fraudsters seek ways to extract personal information by impersonating as bankers or law enforcement agents.
The local banking industry has suffered losses of up to one billion rupees every year, according to the Chief Operating Officer at Habib Bank.
The attacks however, aren’t limited to Pakistan online. Cyber attacks have exponentially increased worldwide. Threat actors exploit vulnerabilities as posit by the coronavirus. Previously in 2018, a mass skimming operation hit customers which resulted into 20,000 debit and credit card information stolen from 22 Pakistani banks. Pakistan’s federal investigation agency cybercrime wing reports almost all Pakistani banks have been hacked.
Source: Mashable
