The banking industry is facing many risks of information insecurity in the digital transformation phase. This information has just been shared at the CIO | CSO Cyber Security 2020 conference.
Vietnam actively transforms the number of banking activities
The outbreak of the Covid-19 epidemic caused businesses to speed up the digital transformation, and Vietnamese finance and banking businesses were not out of this trend.
However, right before the outbreak of the pandemic, the financial sector and especially domestic banks have actively entered the digital transformation stage, providing payment services and many other services on digital platforms. .
According to the State Bank of Vietnam, in the first 7 months of 2020, the total volume of transactions via the interbank electronic payment system reached 82.2 million items, worth 59.1 million dong (up 13.61% of transaction value over the same period in 2019).
|Mr. Phan Thai Dung – Deputy Director of the IT Department (State Bank of Vietnam) at the CIO | CSO Cyber Security 2020 conference. Photo: Trong Dat|
Switching system clearing retail transactions reached 606.3 million pieces with a value of 4.9 million VND (up 74.07% in volume and 106.9% in value over the same period in 2019 ).
The number of payment transactions via card reached nearly 205.6 million transactions with a value of nearly 475.9 trillion dong (up 29.7% and 15.8% respectively over the same period in 2019). The number of payment transactions via the Internet reached 240.9 million transactions with a value of 15.2 million billion (up 39.1% in value over the same period in 2019).
|Online payment for public services has gradually become popular in Vietnam. Photo: Trong Dat|
Number of payment transactions via mobile phones reached 574.4 million transactions with a value of 5.9 million VND (up 184.2% in volume and 186.3% in value over the same period last year. 2019). Not stopping there, the number of bank cards in circulation increased by 15.2% over the same period in 2019, reaching 107.7 million cards.
In addition, payment for public services has begun to be widely deployed in Vietnam. The evidence is that credit institutions and payment intermediary service providers are actively connecting to support online payments on the National Public Service Portal, and the public service portal of ministries, agencies and localities. Phuong.
The bank considers security a vital factor in 2021
In general, the speed of digital transformation of financial and banking services in Vietnam is happening very quickly. Along with that, the number of unsafe incidents and information security also skyrocketed.
According to Major General Nguyen Van Giang – Deputy Director of the Department of Cyber Security and High-Tech Crime Prevention (Ministry of Public Security), since the beginning of the year, there have been about 4,000 cases related to cyber security attacks. .
In the banking sector alone, there are many cases of customers being tricked into losing money through their accounts by scammers, impersonating a bank employee or sending a bank fake link. The total damage of the above attacks is about 100 billion VND. This shows that the information safety and security of the banking sector need more attention.
|Organizations, businesses and also users in the financial and banking industry are the targets of cybercriminals. In the picture is a fake website with a similar interface to the banking website. Photo: Trong Dat|
According to information shared at the CIO | CSO Cyber Security 2020 conference, from January 2020 up to now, Viettel Cyber Secuties (VCS) detected 1,656 fake domains and 1,299 phishing domains (1,210 foreign domains and 89 domain names in Vietnam) with a total of 26,055 users affected.
Some emerging and fast-growing attacks are phishing that take advantage of vulnerabilities of one-time authentication code (OTP) through social engineering such as texting and phone calls. In addition, there have been cases related to new deep faking techniques (deepfakes).
APT-targeted attacks have also grown rapidly this year, with 8 banks, 2 securities institutions and 293 organizations and individuals being victims of this type of attack. These figures have skyrocketed over the same period last year.
Denial of service attacks in 2020 in Vietnam have amounted to more than 3 million attacks. Of which, the largest recorded attack was about 40 Gbps.
|Diagram of a phising attack using Deep fake technique has just appeared in Vietnam.|
According to experts, users will face more security risks as the need to work from home becomes pervasive by the impact of the pandemic. Not only users, the financial industry, especially banks will also be strongly affected by this.
Research results in March 2020 of FICO – a company specializing in analyzing and consulting corporate governance of the US showed that 96% of banks in Vietnam said they were concerned about insecurity and information security. believe.
For this reason, many banks will invest in financial crime prevention next year. Accordingly, 27% of banks surveyed said they had plans to significantly increase their investments in security by 2021.
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