The world strongest economic countries are committed to jointly combat with cyber attacks on the global banking system, the one of the biggest coordinated effort to protect lenders since the $81 million stolen from the Central Bank of Bangladesh and $40 million from Russian Central Bank last year.
According to the Reuters reports “The G20 finance chiefs will agree to fight with the hackers regardless of their origin and will pledge for the cross border cooperation to maintain the financial stability.”
“We will increase the sustainability of financial services as well as the institutions in the G20 jurisdiction from the malicious use of the information and communication technologies, including those countries outside the G20,”He said.
The cyber-crime has became a top most priority after a complicated robbery in Central Bank Of Bangladesh and in the Federal Reserve Bank of New York which happened last year, as an unprecedented theft exposed the vulnerabilities of the banking system.
The agreement, which will be finalized on Saturday, which will arrive a few days after the United Stated accused two Russian intelligence, the another member of G20, to lead the theft of 500million Yahoo accounts in 2014.
This was the first time when the United States has accused Russian spies for cyber crime, including computer fraud economic espionage, theft of trade secrets, and wire fraud.
Last year,”the banking world, the cyber attacks through the global SWIFT bank transfer system has continue to grow with the network recording as “significant” number of attacks with about one-fifth of them as result of the stolen fund after the robbery in Bangladesh banks”, the firms added.
In other highly publicized attacks, retailer Tesco Plc’s banking arm said 2.5 million pounds ($3 million) had been stolen from 9,000 customers last year while hackers also stole more than 2 billion rubles ($34 million) from correspondent accounts at the Russian central bank and from accounts in commercial banks.
The European Union is considering testing banks’ defences against cyber attacks with concerns growing about the industry’s vulnerability to hacking.
[graphiq id=”cuumidK2tFj” title=”Group of Twenty (G20)” width=”650″ height=”481″ url=”https://w.graphiq.com/w/cuumidK2tFj” ]