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Banks told to boost cyber security

Banks told to boost cyber security

ISLAMABAD: The Federal Investigation Agency (FIA) has asked banks to upgrade their cyber security wings as per international standards to protect their system from further attacks by the hackers who recently stole huge sums from accounts.

In a series of meetings, which continued for two days in Karachi, it was decided that banks, including the State Bank of Pakistan (SBP), would maintain a regular coordination and exchange information with the FIA.

Headed by FIA’s cybercrime wing director retired Capt Mohammad Shoaib, the investigation agency team held several meetings with IT officials of different banks, including BankIslami, before heading back to Islamabad.

The meetings were conducted in the wake of recent attacks on bank accounts by the hackers, resulting in illegal transfer of money to different countries.

However, the banking sector claimed that there was no threat to the account holders’ money as the banks would reimburse their money in such case after due inquiry.

According to the FIA team, the recent wave of cyber attacks showed vulnerability of the system and, therefore, the banks were asked to upgrade their IT security as per international standards.

The banks claimed that they were fulfilling the cyber security criteria.