Cyber Crime Costs Financial Sector Billions in Losses

With the progression of cyber crimes in world of Internet, the most badly affected of the sectors is the financial sector where there has been most cyber attacks. As it is the most cashing sector online these days to be hacked and the most easiest one too. Most hackers find vulnerabilities in the fund transfer system and enter into the system.

Many of the countries in Europe and Africa have faced millions of dollars losses through illegal online transfers of money. The main causes of it is vulnerable online money transfer systems and professional hacking tools. The hackers have become far more professional these days and are with ease hacking online funds.

Recently, there was a report launched by UK cyber security team regarding on the illegal transfer within Kenya and it was having a stat which shocked everyone around the world. It said in only eastern Africa Sh 17 Billion  a year is illegally transferred by the hackers. The report further states that these hacks are more or less done by the employees who work for the financial institution itself. These employees some how find a breakthrough  to enter into the banking systems as they have all the knowledge regarding banking channels. This could be proved by the fact that all the transaction has been done with proper channels. There was no clue for the investigators to in investigate which proves it was the people working in those financial institution involved in these massive hacks.

 This was not the only way for the hacks, the hackers also find a way for hacking mobile phones. Through, mobile phones the hackers sent a spammy pdf file to all the mobile phone users and whosoever clicked or opened that file, all the information in the mobile was exposed to the hackers and that was all they required. The reports stated to educate the Keynians regarding the mobile hacking technology and how to combat it.

At the end of the report, it is stated that all this hacking has been due to low security or privacy allocated on the fund belonging to financial institutions. Still, 60 percent of the banks are on found to be suspect of cyber crimes  But it is a single country’s report there are many countries facing this tough challenge from the hackers as previously we provided to you in another articles on HackRead. So, stay tune for more !!!!

Waqas

Waqas Amir is a Milan-based cybersecurity journalist with a passion for covering latest happenings in cyber security and tech world. In addition to being the founder of this website, Waqas is also into gaming, reading and investigative journalism.