KUALA LUMPUR, Nov 13 – Cyberattacks may disrupt banking systems and damage financial records. However, experts say hackers are highly unlikely to permanently erase customers’ outstanding loans.
Banks use several layers of security to protect financial information. These include access controls, transaction records, backup systems and data recovery procedures.
Universiti Tun Hussein Onn Malaysia (UTHM) Centre for Cybersecurity and Data Intelligence senior researcher Prof Dr Zubaile Abdullah said banks often store loan information across multiple systems.
Therefore, deleting information from a bank’s main database does not automatically remove a customer’s debt.
Banks can recover missing details through backup records, transaction histories, loan agreements and other financial documents.
Banks Have Multiple Recovery Systems
Zubaile explained that the recovery process depends on the extent of the cyberattack. It also depends on whether backup data remains safe and how effectively the bank activates its disaster recovery plan.
He warned that attacks on financial data could affect more than loan records.
Hackers could also disrupt account balances, payment transactions and essential banking services.
Zubaile added that some social media users had joked about hackers attacking banks to wipe out their debts. However, he stressed that such incidents could cause serious damage to the financial system.
Strong Security Measures Protect Banking Data
Meanwhile, Universiti Teknologi MARA (UiTM) psychological warfare expert and security analyst Dr Noor Nirwandy Mat Noordin said hackers face major challenges when attempting to erase banking data.
Malaysia’s banking sector follows strict information technology risk management requirements. Financial institutions also fall under the National Critical Information Infrastructure (NCII) framework.
In addition, banks use encryption and other security measures to protect sensitive information.
Malaysia also has legal safeguards, including the Personal Data Protection Act 2010. Enforcement agencies continue to monitor threats to financial information.
Ransomware Remains a Serious Threat
Despite these protections, Noor Nirwandy warned that banks must remain alert.
Cybercriminals constantly develop new methods to exploit weaknesses in digital systems.
He explained that attackers often use malware and ransomware to lock or manipulate data. They may then demand payment from organisations to restore access.
As a result, a cyberattack is more likely to disrupt banking operations than make customers’ debts disappear.
Noor Nirwandy said Malaysia’s cybersecurity threat level was considered moderate, with security measures in place. However, he cautioned that cyberattacks could still happen.
The experts stressed that protecting banking systems remains essential to maintaining public confidence and ensuring financial services continue to operate safely.
Source : BERNAMA | Rewritten By Minutesmy
