Devastating Cyberattack Shakes Up Pakistan’s Financial Sector

According to PakCERT’s Qazi Misbah, 22 banks in the country were subject to a catastrophic cyber attack on October 27th of this year. 19,864 accounts with client banking data were hit, with some victims saying that funds were stolen. Amongst the many targets was the former Chief Scientist of Khan Research Laboratories, who says that Rs3 million disappeared from his bank account.

Bank auditor Chief Hermond Javed Bhatti has a better view of the big picture, noting that “the general public is slowly losing faith in the banking sector, and with data breaches like these, coupled with the introduction of federal taxes on banking transactions and the latest money laundering cases, more and more customers are turning away from the formal banking sector to the informal sector in a bid to distance themselves from conspiracy.”

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Source: Cylance