A recent software update from cybersecurity firm CrowdStrike has unleashed a global technology outage, leaving businesses and institutions worldwide reeling.
The Africa Center for Digital Transformation (ACDT) has sounded the alarm, cautioning that domestic banks are perilously vulnerable to cyber risks due to this widespread tech failure.
“Banks need to stay vigilant against cybercrime to protect depositor funds,” the ACDT warned.
The CrowdStrike update, intended to secure Microsoft Windows devices from malicious attacks, has instead triggered system failures across the global banking, aviation, and healthcare sectors.
“This unexpected update has resulted in system failures across global banking, aviation, and healthcare sectors,” the ACDT noted.
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In a sinister twist, a phishing site is distributing a counterfeit CrowdStrike hotfix, which 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,” the ACDT alerted.
As the cyberattack threat looms large, the Africa Center for Digital Transformation has urged all banks, savings and loan institutions, and rural banks to exercise extreme caution.
“During this crisis, it is essential for banks to remain vigilant and take proactive measures to protect themselves against potential cyberattacks,” the ACDT emphasized.
