Experts caution that a recent software update from cybersecurity company CrowdStrike has triggered a global technology outage, impacting businesses and institutions worldwide, including Microsoft. There are concerns that this outage could also affect local banks.
For example, the Africa Center for Digital Transformation (ACDT) warns that domestic banks are vulnerable to cyber risk due to the widespread global tech failure, affecting various industries such as banking, healthcare, and aviation. Therefore, banks need to stay vigilant against cybercrime to protect depositor funds.
ACDT highlights that cybersecurity firm CrowdStrike has acknowledged the tech failure, attributing it to an update in its antivirus software meant to secure Microsoft Windows devices from malicious attacks. This unexpected update has resulted in system failures across global banking, aviation, and healthcare sectors.
ACDT alerts that during this crisis, a phishing site is distributing a counterfeit CrowdStrike hotfix that installs the Remcos RAT under the guise of a BBVA intranet portal. The malicious package includes instructions advising banks to install the update to prevent errors when connecting to the bank’s internal network. This is a severe threat aimed at hacking financial institution data.
Therefore, the Africa Center for Digital Transformation urges all banks, savings and loan institutions, and rural banks to stay cautious.
