Cybercrime Wreaks Havoc in Malta’s Finance Sector

A major cyberattack on Bank of Valletta, one of Malta’s largest banks, has caused significant damage to the country’s financial sector.

The Attack

In February 2019, hackers from a group known as EmpireMonkey stole approximately €13 million from Bank of Valletta. The attack was carried out by posing as regulators from the French stock exchange and sending emails containing malware to bank employees. The malware allowed the attackers to gain access to the bank’s systems and transfer funds to accounts in several countries, including the UK, Czech Republic, US, and Hong Kong.

Discovery of the Heist

The heist was discovered during a routine reconciliation of international transactions, when bank officials noticed discrepancies in their accounts. Shortly after, state security services informed the bank that they had received information from abroad indicating that the company had suffered a cyberattack.

Containment Efforts

To contain the damage, Bank of Valletta shut down its operations, closing branches and ATMs across Malta, as well as shutting down its website. The closure had a significant impact on the country’s economy, with then Prime Minister Joseph Muscat describing it as a “serious incident.”

Investigation and Arrests

The investigation into the theft led to the arrest of three men in Belfast, UK, who are suspected of money laundering, fraud, and theft. The arrests were made after tracing €944,000 of the stolen funds to an account in Belfast.

Lessons Learned

Cybersecurity experts say that the attack highlights the importance of employee education in preventing phishing attacks. “Phishing campaigns are one of the most frequent methods used by cybercriminals,” said a security expert. “It’s essential for employees to be vigilant and not open attachments from unknown senders.”

However, cybersecurity is not just about employee awareness. Companies must also invest in advanced security solutions that can detect and prevent threats in real-time.

Advanced Security Solutions

Panda Security, a leading provider of endpoint security products, offers an advanced cybersecurity solution that uses machine learning algorithms to detect and block suspicious activity. The company’s corporate cybersecurity solution classifies each process on all devices and defines their behavior profiles, allowing it to detect even unknown malware.

“Banking is a sector that is constantly vulnerable to cyberattacks,” said a Panda Security spokesperson. “To prevent these attacks, companies must invest in advanced security solutions that can monitor all system activity and stop every threat before it can become dangerous.”

Conclusion

The Bank of Valletta attack serves as a stark reminder of the importance of cybersecurity in the financial industry. As hackers continue to evolve their tactics, banks and financial institutions must stay one step ahead by investing in robust security measures and employee education programs.