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Digital Identity, Security & Online Fraud

Economies across the globe to fight bank sector hacking

Monday 20 March 2017 | 11:12 AM CET

The G20 Finance Ministers and Central Bank Governors have pledged to jointly fight cyber attacks on the global banking system.

This is one of the biggest coordinated efforts yet to protect lenders since an USD 81 million heist of the Bangladesh central bank's account in 2016. Furthermore, G20 finance chiefs will agree to fight attacks regardless of their origin and promise cross-border cooperation to maintain financial stability, according to a draft document seen by Reuters.

The agreement, set to be finalised on the 25th of March, will come just days after the United States charged two intelligence agents from Russia, another G20 member, with masterminding the 2014 theft of 500 million Yahoo accounts.

Also, the European Union is considering testing banks' defences against cyber-attacks with concerns growing about the industry's vulnerability to hacking.

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