Financial Crime World

Cybersecurity Threats Reach Alarming Levels in Jordanian Banks

Study Reveals Widespread Cybersecurity Breaches in Jordan’s Financial Sector

A recent comprehensive study has exposed the alarming levels of cybersecurity threats faced by financial institutions in Jordan. The analysis, which covered data from 2012 to 2022, revealed that a staggering 84% of Jordanian banks have experienced cybersecurity breaches over the past decade.

Most Affected Banks Revealed

The study found that Jordan Kuwait Bank suffered the most breach attempts, with an average of 3.1381 attempts per year, followed by Arab Jordan Investment Bank and Bank of Jordan.

Types of Cyberattacks and Their Impact

The research analyzed the types of cyberattacks and their impact on financial accounting statements. The findings showed that:

  • Accidental information disclosure and stealing encryption keys mostly affected balance sheets
  • Mischievous internal opening access, database breaches, and man-in-the-middle attacks targeted cash flow statements
  • Malware with encryption and malicious external attacks aimed at profit and loss accounting

Call to Action for Jordanian Banks

The study’s findings are a wake-up call for Jordanian banks to prioritize cybersecurity measures to protect their financial data and prevent potential losses. “Cybersecurity threats are becoming increasingly sophisticated, and it is essential that financial institutions take proactive steps to safeguard their systems,” said Dr. S.A. Kareem Alsakini, lead researcher on the study.

Comprehensive Approach to Cybersecurity

The research highlights the need for a comprehensive approach to cybersecurity, including:

  • Regular security updates
  • Employee training
  • Incident response planning

“By taking a proactive approach to cybersecurity, Jordanian banks can minimize the risk of data breaches and maintain the trust of their customers,” added Dr. Alsakini.

Study Published in Natural Sciences Publishing Journal

The full study has been published in the Natural Sciences Publishing journal and provides valuable insights for policymakers, financial institutions, and cybersecurity experts.