Luxurious interiors at branches, well groomed executives donning suits and ties, extensive spending on creating a premium brand; all these efforts are made by banks for one purpose alone: to build confidence among clients that their money is safe with the institution.
In the Information Age, a bank’s website and online presence is an extension of the same aura. In Pakistan too, all banks have been engaged in improving their online presence and services, in cognizance of this fact.
But while banks are busy rolling out better looking, more functional websites; a group of hackers have taken a vigilante approach to force financial institutions to improve online security and legislators to enact laws that mandate the same from banks and other companies with sensitive information.
Since early July the websites of at least five banks operating in the country have been hacked. The gang of hackers that goes by the name PakBugs, leaves behind the same message on the home page of each website it defaces. The message calls on the bank to beef up online security, before other hackers with more malicious intentions crack their defenses.
An official from one of the affected banks spoke to BR Research on the condition of anonymity. He stressed that gaining access to secure information such as clients’ account information is not as easy as hacking other parts of the website.
Thus far most mainstream media outlets have ignored these incidents, presumably under the assumption that a serious security breach is not a foreseeable risk. However the blogsphere and social media have come alive with a debate over the actions of these vigilantes.
While some believe the recent hacking spree will awaken institutions from their slumber to focus on server security, others believe such actions cause more harm than good.
But even if sensitive client information is not under imminent threat, the perception of vulnerability created by such online attacks must ring alarm bells at banks as well as the central bank, causing them to boost online security. After all, in the business of managing other people’s money, perceptions are often stronger than the reality.