The term “cyber-attack” refers to an attack by hackers or any anonymous group of security-
experts to steal data, file, and valuable information and disable network or security system. In a
globalized era, the application of information technology in financial institutions has become
very common, a fact making websites and online based transaction and file transfer more
vulnerable to attack caused by maliciously intended person or institution.
In 1834, French Telegraph System was hacked to steal financial market based information,
perhaps the first cyber-attack in the history. In recent years (2016), Bangladesh bank saw the
greatest cyber heist. A group of hackers successfully hacked the security system of Bangladesh
bank and conducted 35 fraudulent transactions via SWIFT network and transferred amount close
to $1 billion. Five of the thirty-five fraudulent instructions were successful in transferring
US$101 million, with US$20 million traced to Sri Lanka and US$81 million to the Philippines.
The Federal Reserve Bank of New York blocked the remaining thirty transactions, amounting to
US$850 million, due to suspicions raised by a misspelled instruction.
Very recently, security experts were predicting a cyber-attack on our financial institutions.
Hafnium, a group of hackers, launched the attack over 200 institutions including including
Bangladesh Telecommunication Regulatory Commission (BTRC), Bangladesh Bank,
commercial banks, and internet service providers. Experts said that hackers did it in the last
month using the vulnerabilities of Microsoft Exchange Server, through which malwares were
transferred. As country’s many financial organizations use Microsoft Exchange Server, they also
became victims. An alert on this attack has also been published on the Microsoft website on
Friday. The alert mentioned Microsoft has detected multiple 0-day exploits being used to attack
on-premises versions of Microsoft Exchange Server in limited and targeted attacks.
Suggested measures are given in the following:
- Organizations run newly developed tools —Microsoft’s “Test-ProxyLogon.ps1 script” and
Safety Scanner “MSERT”—to investigate whether their Microsoft Exchange Servers have been
compromised because the recent attack was operated, using Microsoft Exchange Servers. - Remote and shared devices should be disabled so that malwares don’t get access to our
valuable information. - Even if these devices are used, authority applies strong password or use active
directive authentication. - Restrict using software that is yet to be authenticated.
- Email attachment should be used with due caution.
- Regular monitoring and vigilant observation to any deviation taking place in any part
of the security. - Arranging training program to make people conscious about these attacks.
Finally, a required globally interconnected banking and financial system has made banking
transaction and transfer of files more vulnerable to cyber-attack. Unless pragmatic measures are
undertaken, cyber heist will prevail.