Rédaction Africa Links 24 with Addis Standard
Published on 2024-03-19 11:51:28
The state-owned Commercial Bank of Ethiopia (CBE) has recently come under fire for an incident that led to customers withdrawing large amounts of cash from the bank’s ATMs and digitally transferring millions. However, the bank has clarified that the incident was caused by an internal “system glitch” rather than a cyber-attack.
According to CBE, they have been a primary target of entities seeking to attack Ethiopia for economic and political reasons. The bank reported successfully foiling nearly 28,000 cyber-attack attempts since 2022. Despite this, the recent incident allowed customers, mainly university students, to withdraw cash and transfer money due to the “glitch” caused by a “system upgrade” implemented hours before the incident.
During the incident, which lasted from around midnight to dawn, 490,000 transactions, both legal and illegal, were completed. The bank faced accessibility issues with its in-person and digital services on Saturday until late afternoon. CEO Abe Sano addressed the situation, stating that efforts to recoup the lost money are underway. The bank has also initiated processes to identify those who transferred large sums of money to hold them criminally accountable.
While the bank did not disclose the exact amount of loss incurred, a local newspaper reported that approximately 2.4 billion birr was withdrawn or transferred to other banks and mobile money platforms during the incident. CBE assured the public that the root cause of the problem and the total loss incurred would be communicated upon the completion of an ongoing investigation.
Looking ahead, CBE is focused on improving its systems and security measures to prevent similar incidents in the future. The bank’s priority remains the safety and security of its customers’ funds and information. CEO Abe Sano emphasized the importance of diligence and vigilance in safeguarding the bank’s operations against potential threats.
As investigations continue, CBE is working tirelessly to address the fallout from the recent incident and restore trust among its customers. The bank is committed to transparency and accountability in handling the situation and is taking steps to strengthen its defenses against cyber threats.
In conclusion, while CBE acknowledges the challenges it faces in cybersecurity, it remains dedicated to upholding its reputation as a trusted financial institution in Ethiopia. By learning from past experiences and implementing robust security measures, the bank aims to prevent future vulnerabilities and protect the interests of its customers.
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