Cyber-attacks hit trades every day. Former Cisco CEO John Chambers once said, “There are two types of companies: those that have been hacked, and those who don’t yet know they have been hacked.”[1] Cybercrime has grown last year as individuals strive to profit from weak business processes. Frequently, perpetrators demand ransom and 53% of cyber-attacks caused damage of $500,000 or more. It is also possible to launch cyber-attacks with ulterior motives. Any attackers see the obliteration of networks and data as a form of “hacktivism.”[2]
What is Cyber-Attack?
A cyber-attack is an intrusion by cyber criminals using one or more machines against a single or more computers or networks. A cyber assault will maliciously disable computers, steal data, or use a damaged computer as a starting point for other attacks. Cyber attackers employ a range of techniques to conduct cyber-attacks, including malware, phishing, ransomware, denial of service, and other techniques.[3]
In recent years, Bangladesh has become one of the most vulnerable countries in cyber space. Cyber-attacks often took place, which caused loss of assets in very recent time. With the increasing number of internet users, the number of attacks ratio is also going up.
Bangladesh Bank under Cyber Attack
According to sources from the Bangladesh Bank, the Computer Incident Response Team(CIRT) and its global stakeholders have recently discovered evidence of a malware named FastCash2.0 through various Indications of Compromise (IOC), which are attacking various network systems and important databases.
On 15th of February 2021 Bangladesh Bank and several financial government organizations including Bangladesh Police, Corona BD, Islami Bank, BRAC Bank and bKash came under cyber-attack.According tothe CIRT’s Cyber Threat Research team a group called ‘KASABLANKA’ was behind the hacks, labelling the threat as ‘high risk’.[4] There is no indication that the attack was carried out for financial gains. However, it could become a serious threat, which could lead to the theft of important information or large-scale financial losses. The CIRT also warned that hackers could deceive people about vaccines by generating fake web portals emulating the government’s websites for COVID-19-related information.When a citizen fills out the vaccination form, the NID number, date of birth, and other personal information are sent directly to the hackers.[5]According to CIRT we also been targeted by imei.today, a phishing website that looks similar to www.imei.info, a legitimate website where users can verify the authenticity of their mobile device’s International Mobile Equipment Identity, or IMEI number.
Previously on January 10 2021 the Bangladesh Bank issued an emergency cyber alert to its staff and officials and suspended internet services.
Even in August 2020, the Bangladesh Government (CIRT) reported the central bank that the North Korean hacker group Beagle Boys was planning to attack Bangladesh’s banking industry. Moreover it is irreparable and beyond any consolation, the biggest heist in history of Bangladesh bank on February 2016 that shook the financial world.The US Department of Justice has officially confirmed charges against Park JinHyok, a North Korean hacker, almost five years after the Bangladesh Bank heist, the most sensational cybercrime involving a financial institution to date.[6]
Safety Measure Taken by the Central Bank
The Bangladesh Bank already focuses on numerous measures to defend the sector from cyber-attacks, following the recommendations of CIRT. This include: improvements in emergency leaked passwords, server system inspection, routine backup of critical local and external files, and retention of a firewall and the use of filters.
The central bank has also advised all scheduled banks to take measures appropriate to detect, analyze and address any potential threats to money-laundering and terrorist funding a new technology-based product or services which rise before it is launched to customers. The scheduled banks were also ordered to take appropriate precautions to avoid any attempts of fraud or forgery from both domestic and international transactions. The central bank has also submitted to the law enforcement authorities for investigation and intervention all cases of ATM card and password related fraud.
Following the alert, many banks in the country limited their ATM services, including cash withdrawals. This looming threat of cyber security breach has been causing a lot of troublesomeness to customers of both state-owned and private banks across the country
In the opinion of the
cybersecurity experts the banks in the country would be at a grave risk of
cyber-attacks if they do not strengthen their cybersecurity systems in line
with the central bank’s guideline. As a result banks need to train their
employees and enhance logistics supports for the cybersecurity to safeguard
themselves from the cyber-attacks.Clearly,
the extent of insecurity in cyberspace in Bangladesh is rising every day. In
order to mitigate impacts, the condition and sustainability of emerging
technology and services must be approached. In order to resolve
cyber challenges, technical and legal improvement is important. Web consumers
still need to be made mindful of cybercrime elimination. Proper protections and
quick rectification can reduce the cavities in secure online operations.
[1] Retrieved from <https://www.cisco.com/c/en/us/products/security/common-cyberattacks.html#~how-cyber-attacks-work> Accessed on 27th February 2021.
[2] Ibid.
[3] Retrieve from <https://www.checkpoint.com/cyber-hub/cyber-security/what-is-cyber-attack/> Accessed on 28th February 2021.
[4]Govt issues alert over cyber-attack threat, The Financial Express, Retrieved from <https://thefinancialexpress.com.bd/national/govt-issues-alert-over-cyber-attack-threat-1613550323> Accessed on 26th February 2021.
[5] Hackers target Bangladeshis by creating fake COVID information website, Retrieved from <https://bdnews24.com/technology/2021/02/19/hackers-target-bangladeshis-by-creating-fake-covid-information-website> Accessed on 28th February 2021
[6]Shariar Rahman ,” Bangladesh Bank Heist: US charges North Korean hacker” The Daily Star, Retrieved from <https://www.thedailystar.net/backpage/news/bangladesh-bank-heist-us-charges-north-korean-hacker-2047289> Accessed on 28thFebruart 2021
