In a close call that could have had severe repercussions for the Angolan economy, the country's central bank, Banco Nacional de Angola (BNA), successfully thwarted a major cyberattack last week. Hackers, whose identities and motives remain unknown, attempted to infiltrate the BNA's systems and gain access to its financial reserves.
Authorities were alerted to the suspicious activity through BNA's robust cybersecurity measures, which include real-time threat monitoring and intrusion detection systems. Swift action was taken to isolate the affected systems and prevent the hackers from causing any damage.
"We were able to quickly identify and contain the attack thanks to our ongoing investments in cybersecurity infrastructure and personnel," said a BNA spokesperson in a statement. "We take the security of our systems and the integrity of Angola's financial system very seriously, and we are committed to doing everything we can to protect them."
The attempted hack is a stark reminder of the growing threat posed by cyberattacks to financial institutions around the world. In recent years, there have been a number of high-profile attacks on central banks and other financial institutions, resulting in millions of dollars in losses.
Here are some recorded cyberattack on central banks, commercial banks and fintechs in recent years:
- The Bank of Zambia fallen victim to hackivist called "Hive" which demanded for ransom.
- In December 2022, the South African Reserve Bank (SARB) was, ironically, alerted by the FBI to a breach it still denies to this day.
- In May 2023, the governor of the BNA José de Lima Massano said that the central bank records about 350 attempts per day.
- The Central Bank of Gambia had also suffered two separate cyberattacks.
- More recently, in December 2023, the Central Bank of Lesotho fall victim of a cyberattack that collapsed inter-bank transactions in the nation.
- In 2018, Bangladesh' Central Bank lost $81 millions to a single hack.
The Bangladesh's Apex Bank hack left regulators and operators dumbfounded. It was reported that hackers was successful with the operation using SWIFT, the financial service used by over 11,000 institutions globally.
Since then, no major legislation has been made to prevent another hack, but the IMF suggests that international cooperation is key to stopping these hacks. Hence, African government have taken actions; 33 African countries, including Nigeria, South Africa, and Egypt, have taken the first step by enacting cybersecurity legislation.
But, come to think of it, if "Technology" is two steps ahead of "Legislation"? Drop your comments in the section below.
The Angolan government has commended the BNA for its swift and decisive action in thwarting the attack. President João Lourenço said in a statement that the incident "highlights the importance of cybersecurity in today's digital world." He also called for increased cooperation between Angolan authorities and international partners to combat cybercrime.
The specific tactics used by the hackers in the attempted attack on the BNA are not yet known. However, experts believe that the attackers may have been using a form of malware known as "spear phishing" to gain access to BNA systems. Spear phishing attacks involve sending targeted emails to employees of an organization, often containing malicious attachments or links that, when clicked, can install malware on the recipient's computer.
The attempted hack on the BNA is a wake-up call for financial institutions around the world. It is essential for these institutions to have robust cybersecurity measures in place to protect themselves from cyberattacks. They should also regularly train their employees on how to identify and avoid phishing attacks.
The Angolan government's response to the attempted hack is also commendable. It is important for governments to work together to share information and intelligence about cyber threats and to develop coordinated responses to cyberattacks.
By taking these steps, financial institutions and governments can help to make the financial system more resilient to cyberattacks.
This is a developing story, and more information is expected to emerge in the coming days. We will continue to update this article as we learn more.