Bank cyber-attack averted in Armenia

The Central Bank of Armenia (CBA), in collaboration with information security experts from trading banks, has averted a targeted cyber-attack against the banking system.

The threat was possible to neutralize thanks to a joint platform helping to rapidly detect and react to any malware, Harutyun Berberyan, the head of the CBA Public Relations Service, told Tert.am.

“The Central Bank of Armenia periodically undertakes comprehensive measures towards increasing the information security in the financial system. Moreover, the CBA Board adopted a decision at a recent meeting to periodically arrange vulnerability evaluation and hacking tests which should be conducted by the companies representing www.crest-approved.org, an internationally acclaimed organization,” he said.

In a statement on Monday, experts from the Kaspersky Lab warned of the presence of the WannaCry virus in Armenia. They said that each 20th computer in the country is infected with the malware.

Most of the resident banks have already initiated the testing process, Berberyan said, adding that all of the banks now provide the necessary financial and professional resources to meet the CBA's demand.

Banking systems are, to a greater or lesser degree, vulnerable to cyber-attacks in absolutely any place, the threats stemming from not only technical but also human factors, says Samvel Martirosyan, an IT security expert.

“Of course, not all the cases are made public here, as the banks try to keep the information confidential,” he told Tert.am, noting that the automatized and digitalized systems raise the security vulnerability level.

As possible targets, Martirosyan pointed to the increased number of ATMs, credit card holders and online customers.