Saigon Times – Experts warn of hack attacks on banks

saigon-times

Van Ly

Monday,  May 23,2016,20:44 (GMT+7)

HANOI – Experts have warned banks that hackers could launch attacks, saying such attacks are worse than bad debt the banking system is facing.

At the Banking Vietnam 2016, which was jointly organized by the State Bank of Vietnam and International Data Group (IDG) in Hanoi last week, Mauro Israel from French cybersecurity company ISMSecure said banks in Vietnam should take measures against cyberattacks.

Israel said hack attacks on banks can cause bigger consequences than those of bad debt, so banks should pay special attention to this. He said more than US$80 million was stolen from Bangladesh’s account at the Federal Reserve Bank of New York.

Deputy Minister of Information and Communications Nguyen Thanh Hung said the Bangladesh heist is a lesson for Vietnamese banks.

According to Hung, the banking sector has invested heavily in information technology. However, there are risks out there concerning information security that banks should attend to, even though they have deployed modern information technology systems.

Besides the Bangladeshi heist, Hung mentioned a recent hack attack on a Vietnamese bank.

In a related development, the State Bank of Vietnam is investigating an attack on TPBank. A Reuters report said TPbank was able to prevent an attempted cyber heist relating to fraudulent SWIFT messages, the same technique used for the theft at the bank of Bangladesh.

Banks are facing more cyberattack risks as the frequency of attacks has increased. Therefore, Vietnamese banks should be on high alert, according to Israel.

Leave a Reply

Your email address will not be published. Required fields are marked *