Daily Times

The current situations are alarming for all Pakistani banks as recently Federal Investigation Agency (FIA) Cybercrimes Director Mahammad Shoib’s statement about the hacking and breach of the data of almost all Pakistani banks is posing serious threats to the banks of the country, especially the State Bank of Pakistan. 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 systems 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 unsecured.

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 attack on the bank has made it quite clear that initiatives for the improvement in the security system of banks is direly needed.

The State Bank needs to introduce latest technologies to strengthen cybersecurity 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.

B Baluch

Turbat

Published in Daily Times, November  9^th 2018.