The Maltese public was negatively impacted this week by a cyberattack on one of Malta’s leading banks – Bank of Valletta (BOV). This occurrence raised questions as to whether the Maltese banking system is at risk, what is the probability that something similar will happen again to one or more local banks, and whether similar instances have been reported internationally.
The term ‘cybercrime’ refers to illegal acts, whereby the computer is either a tool, a target or both and involves the use of information and communication technologies.
Various reports commissioned worldwide do conclude that all evidence points to the fact that organisations such as banks and financial institutions among others, are more likely to be the targets of such attacks. This is because of the nature of the business they operate in.
Cybercriminals gain remote access to systems such that they can administer and manipulate data. The result of this unlawful act can yield one or more of the following adverse effects – financial losses by making false transactions, steal confidential information, hindering the organisation’s day to day operations or dent the firm’s public image. BOV was at…
