Recently in a shocking disclosure the head of the Federal Investigation Agency’s (FIA) cybercrime wing  said that “almost all” Pakistani banks have been a victim of security breach.

As per a recent media report FIA Cybercrimes Director retired Capt Mohammad Shoaib said “we have received, data from almost all Pakistani banks has been reportedly hacked,” when stressed more to elaborate on the phenomenon he said that “most of the banks” in Pakistan have been a victim to compromised crucial data. 

 He further claimed that hackers are based outside Pakistan and have breached the security systems of several local banks. He also stated that the “hackers have stolen large amounts of money from people’s accounts,”

While talking to media Mr. Shoaib expressed concern that “The recent attack on banks has made it quite clear that there is a need for improvement in the security system of our banks,”. He also informed that considering the intensity of security breach FIA has called all banks meeting including heads and security managements.

The meeting will focus on looking ways the security infrastructure of banks can be bolstered to prevent such attacks in future.

As stressed by Mr. Shoaib “Banks are the custodians of the money people have stored in them,” and certainly “ “They are also responsible if their security features are so weak that they result in pilferage.”

Though as per the investigation done till date it is not clear that when the time of security breaches but it it been confirmed that more than 100 cases are being investigated by the agency subject to security breaches.

As per Mr. Shoaib “An element of banking fraud which is a cause of concern is that banks hide the theft [that involves them]… and the clients report [the theft] to the banks and not to us, resulting in a loss of people’s money,”. He assured that “We are trying to play a proactive role in preventing bank pilferage.”

Mr. Shoaib also confirmed that the agency via investigation was able to track down gangs involved in cybercrimes  ans very successfully able to recovered stolen money.

More than 8000 account holders data compromised.

 The disclosure comes days after around 10 banks blocked all international transactions on their cards, as concerns about a breach of credit and debit card data spread in the banking circles.

Going by the data released by a digital security websites krebsonsecurity.com, data of 10 banks including data of 8000 account holders of Pakistan was recently compromised in a major hack.

The first cyber attack was reported by BankIslami on October 27. The bank said that Rs2.6 million was stolen from international payment cards after which it has stopped such transactions.

Such attacks are increasingly becoming a threatening trend. It is important that countries participate globally against rising cybercrime.