Cyber Attack On Bank Of Valletta Caused Damage | €13 Million

Cyber Security

Cyber Attack On Bank Of Valletta

Bank of Valletta performs almost half of the banking transactions in Malta. Now, compelled to shut down its operations on Wednesday because of Cyber Attack. Hackers broke into the transaction system and transferred funds worth 13 million euros to the banks in the UK, US, Czech Republic and Hong Kong.

Good news is the transferred amount is now traced, and Bank of Valletta is seeking a reversal for it currently. They detected it soon after they started the operation on Wednesday when the discrepancies figured out in international transactions.
The attack forced them to disable all the operations closing ATMs, disabling its website and mobile app.

This incident impacted many different corporate financing activities as well, i.e. credit card holder cannot make their payments, such as hotels. Muscat said that the Bank of Valletta was also focusing on how to resume its operations so that any such attack could not repeat.

“The money did not come from people’s (accounts), and the amounts are traceable,”
He further told customers that their funds and accounts “in no way impacted or compromised”.
The bank is investigating the cause of this cyber attack and from where this attack launched.

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