🚨 5 countries. 5 banking systems. All under attack at the same time.
This is what the first week of the 2008 banking crisis looked like. One bank here. Another bank there. Nobody called it a crisis.
1/ Indonesia: In just 24 hours, more than 200,000 cyberattacks targeted banks, financial companies, and insurance companies. And the attacks are still ongoing. IT staff at every bank in the country are fighting an all-out battle to protect their customers’ money. The enemy is not human. It is bots and AI. The staff need sleep. The bots do not.
2/ Malaysia: On Friday night, pages on Bank Rakyat’s website were defaced amid suspected cyber intrusions. Multiple banks’ websites and portals experienced outages. The national cyber agency raised the threat level from low to medium.
3/ Taiwan: In a single day, NT$41.76 million (about US$1.3 million) was withdrawn from 418 of Yuanta Bank’s customers. Some of those customers had not even logged in. Hackers broke in by exploiting a security flaw at the bank’s online banking contractor.
4/ South Korea: About 37 financial companies were breached in roughly a month. Around 473,000 records were leaked. Authorities are now investigating about 580 companies.
5/ France: Hackers broke into Crédit Mutuel Arkéa through a service provider and stole about €100 million (about US$112.6 million) from the bank itself.
Now, let’s zoom out.
Attacks continue day and night. Bots and AI do the work. One weak supplier is all it takes to open the door. Money can disappear in just a single day.
And Japan has just seen firsthand what a single point of weakness can cause. On Friday afternoon, 128 credit unions, mostly in western Japan, went down all at once. Customers could not deposit or withdraw money at ATMs. They could not conduct over-the-counter transactions either. The cause was not hacking, but a hardware failure in a single shared system.
One shared system took down 128 banks. Now imagine there is a hacker inside it.
2008 started quietly, too. Indonesian banks have just faced more than 200,000 attacks in a single day. Nobody is calling this a crisis yet. But authorities are already making plans for the day an attack breaks through. Malaysia is now at a higher threat level. Taiwan’s financial regulator has ordered Yuanta Bank to submit a major incident report by November 12.
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