A criminal named Hacker Buba demanded a $3 million ransom from UAE bank which the bank refused to pay. Hacker Buba then leaked hundreds the banking details of hundreds of customer online. SC magazine reported in November that a hacker had published the bank information (customers including personal information, full credit card data, and transaction histories) of hundreds of United Arab Emirates (UAE) bank customers after his $3 million ransom demand went unfulfilled. The hacker using the handle "Hacker Buba" has demanded a US$3 million ransom in order to withhold releasing the files however the bank refused to comply.
The Twitter accounts are closed and the hacker appears to have gone silent. Media reports suggest that the leaked accounts combined balances amounted to more than US$110 million. The stolen data was said to include the names, credit card information, and financial details of Invest Bank customers. Customers have expressed outrage at having their banking details leaked, and it has been reported that some were not notified about the breach until the press contacted them.
Banks face the constant risk of unauthorized exposure of sensitive data and customer information. Not having the right tools or processes in place to prevent this kind of breach happening is very worrying. With the largest ever data breach reported last month (US Banks & financial institutions) data protection is the number one banking worry for bank customers. These latest and sizeable data breachs demonstrate the severity of this problem.
Banks and the financial sector must consider the big picture in relation to the data security issue, and incorporate this into the overall management strategy. Looking for suitable software and network security solutions to mitigate the risk of data breaches is vital. However in the long term these organisations must partner with a trusted advisor to fight against data theft and guard against data loss.