The official website of renowned private bank Al Baraka Bank of Pakistan has hacked by Mr.NitrOg3n & Mr Anonymous (Pak Cyber Experts & Death Adders Crew)
However, Baraka Banking Group regained control of the hacked site within the time period of one hour through help of Khaled Albalooshi who the award-winning head of IT at Al.
According to cybersecurity experts, the reason behind the hacks of sites in Pakistan, are insecure development practices and badly chosen patch management. It’s easy to get access of those servers that are not patched and hackers can hack these kinds of websites without any troubles.
The hacker who got access to the site of bank was self-identified as Mr.NitrOg3n. Interestingly he also claims to have hacked a PMLN site.
At the moment, it is unclear how much customer data was comprised due to the site breach. The PR and media teams of Al Baraka Banking Group didn’t make any comment on the situation yet.
To do points for Pakistani banks and financial companies
In order to identify and access management (IAS) opportunities, IT teams working in the banking, financial services, and insurance (BFSI) industries are required to work collaboratively to find the solution. Oracle, SailPoint, CyberArk, and ForgeRock are among the general vendors for IAM product solutions.
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According to facts, most banks in Pakistan lack CISSP & CISA certified staff in IT departments. Hence, it leads towards poor results.
Financial companies need to understand that apart from good staff in account department they also need to have strong IT teams. Certified IT staff is accountable to make sure that application hygiene (OS, hardware, stacks, patching, backup, and compliance) meets the policies of regulators and apply Critical Application Framework (CAF) policy requirements.
Despite the fact that companies operating under the BFSI vertical hold really sensitive customer information and could face huge regulator fines, it is strange why companies like Al Baraka Banking Group fall short to apply countermeasure.
The objective of hackers to target companies under the BFSI group is to engage in identity theft, data security breaches, data leakage, cyber intelligence & security and system outages across multi-size organizations and industries.