Cyber theft raises concerns for banking security
Cybersecurity specialists described the attack as unusual because hackers rarely succeed in stealing substantial sums directly from established banking institutions.
Rafay Baloch, chief executive of cybersecurity and security engineering company RedSecLabs, characterised the incident as unprecedented in Europe.
He highlighted the growing sophistication of cyberattacks targeting banking applications, alongside increasingly complex social-engineering attempts directed at financial institutions.
Puneet Kakkar, managing director at investigations firm Nardello & Co in Paris, also highlighted the significance of a successful attack on the banking system.
He noted that French banks generally maintained strong cybersecurity standards because of regulatory requirements, but that criminals were adopting increasingly inventive and opportunistic methods.
Financial regulators worldwide have intensified their focus on cyber threats, particularly as artificial intelligence becomes more widely used.
The incident follows a separate cyberattack in which US$6.3 billion in cryptocurrency was stolen from Binance last week. Europe has also experienced a series of attacks targeting internet-connected refrigeration systems.
Although major bank thefts remain uncommon, previous incidents demonstrate the potential scale of financial cybercrime.
In 2016, attackers stole US$81 million from an account belonging to Bangladesh’s central bank at the Federal Reserve Bank of New York. Banks in Russia and India have also suffered multimillion-dollar losses in cyberattacks.
Crédit Mutuel Arkéa is a French co-operative banking group serving more than 5.8 million customers, with total assets of €211.5 billion.
It operates within the wider Crédit Mutuel banking network and is affiliated with the network’s central organisation, while retaining substantial independence over its business strategy.
Source: Reuters
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