Cyberattack should be a matter of concern for everyone

Following the recent cyberattack posed against Commercial Bank of Ethiopia (CBE), it was said that university students were behind the attack. Amidst all of this, it was disclosed that the students who ransacked the ATMS using the e-birr banking system had their accounts blocked right away. The shock of the incident has not yet ebbed away from everyone. It has rather become the talk of the town. What has been confirmed is that the young university students have allegedly sneaked in and swept a huge amount of money from the ATM machine of CBE. What has been circulated for sure through social media is that the university students drew and transferred money illegally through the electronic banking system from ATM machines. The CBE, which has lately announced that the occurrence was a system failure, not a cyberattack, implored the young university students to reimburse the money they have stolen.

The aftermath of the stealing spree at the bank brought transactions of the CBE to a standstill, leaving the entire customers of the bank in the doldrums. Sources indicate that cyberattacks are common incidents in the world. In fact, what we have been told is that the threat posed on banks have become more serious than ever before. That's why the issue has become the concern of all countries, including the developed ones that have fallen victims of the threat. Forbes wrote in its Newsletter of June 2023 issue that the "threat faced by the banking industry is not unique; all businesses face the risk of cyberattacks in the modern digital age". An article read on the web page of the International Monetary Fund states about a threat posed on banks in Bangladesh. The hackers who targeted the Central Bank of Bangladesh were detected while trying to steal one billion USD. Though "most transactions were blocked, 101 million USD still disappeared," the source indicated.

Financial experts expressed concern that unless the global community cooperates to protect against this crime, cyberattacks could trigger a serious financial crisis. All should join forces to contribute what they can to contain the problem. They can share experiences on how to protect themselves from the threat. Coming to our case, what was said by a local bank during the incident has sparked discussions among the urban dwellers. This bank has taken advantage of the opportunity to attract attention that its banking system is much safer and more secure. However, the reality is contrary. No single banking industry can be safe. Cyber threats have gone rampant and become a matter of concern not only for banks in developing countries but also for those in advanced nations. win the December 2023 issue of the Tech Monitor Newsletter, Livia Giannotti stated that hundreds of cyber-attacks occur monthly. With the escalating sophisticated tactics of hacking groups, it puts both large and small organizations at risk.

A famous book entitled Future Crimes, authored by Marc Goodman, states that everything is connected, and everyone is vulnerable. This book recounts an internet bank robbery carried out in 1994 by a certain Vladimir Levin from his apartment in St. Petersburg, Russia. Levin, a computer programmer, was accused of hacking the accounts of several of Citibank's large corporate customers and making away with 10.7 million USD. Collaborating with accomplices around the world, Levin transferred large sums of cash to accounts in Finland, the United States, the Netherlands, Germany, and Israel. The surprising thing is that Levin never physically entered the United States to commit the crime. He left no fingerprints or DNA and was never marked by an exploding dye pack. Importantly, he never needed to physically carry the thousands of pounds of cash out of the bank; it was all accomplished with a mouse and a keyboard. He merely hid behind his computer screen and used a circuitous virtual route to cover his digital tracks. As Marc Goodman says, everything is connected, and everyone is vulnerable to the cyber threat. Therefore, the question that should be asked here is what actions can be taken to address the issue. It's important for banks, whether they are state or private, to take proactive steps to protect themselves and their customers from cyber threats. One way to do this is by joining forces and collaborating with other banks to share information and best practices. By working together, banks can strengthen their cybersecurity defenses and better mitigate the risks of cyberattacks. By the way, why did the financial intelligence unit of the country not say anything on this?