E-crime syndicate again attacking financial institutions: banks advised to install extra layers of security

The Pakistan Economy Watch (PEW) on Sunday called for enhanced security measures as the world's most powerful e-crime syndicate is again attacking important financial institutions.
Computer security experts should arrange extra layers of Internet security to ensure privacy of digital depositories and save financial as well as personal data of consumers. 'We are too much concerned about geographical and ideological borders while defence of our electronic frontiers has taken a backseat, said Dr Murtaza Mughal, President PEW in a statement issued on Sunday.
Defence of economic and technological infrastructure is also very important, he added. Last year, he said St. Petersburg based, Russian Business Network (RBN) took control of 67 online branches of a major Pakistani bank but the attack was thwarted with the help of some private sector experts before transfers of funds.
The same computer criminals were able to transfer 500 million dollars from a major Indian bank, however, the gang has been plundering institutions and people in the US, EU and Australia since four years inflicting losses to the tune of billions of dollars, he said, adding some spy agencies also use this criminal network for sabotage and other political objectives.
Dr Murtaza Mughal said that Microsoft is the world's most attacked site outside Pentagon, headquarters of the United States Department of Defence.
He said the IT experts of banks and financial institutions can consider using other operating systems that are not so prone to attacks. The website of cyber crime wing of the FIA has recently been hacked, which is a great challenge. These cyberpunks should be tracked down with the help of digital footprints. Cyber crimes should not be allowed to become a cottage industry in Pakistan, he said.