Israeli banks increasingly threatened by cyberattacks

Cyberattacks on Israel’s banking system have increased significantly over the past two years, according to the annual report by banking supervisor Hedva Ber.


Speaking at a press conference to mark the release of this year’s report, Ber said there are daily cyberattacks against Israeli banks, but to date none have caused major damage. .

Hedva Ber Banks Supervisor (Photo: Ronen Fadida)

The report, which surveyed 80 senior banking officials in Israel, found that 90% of them consider cybercrimes to be the most dangerous for their sector.

The risk of cyberattacks has increased as more banks move their services online, in a positive move towards efficiency. The Bank of Israel said the attacks have increased both in number and in veracity.

The Bank of Israel (Photo: Ata Awisat)

The Bank of Israel (Photo: Ata Awisat)

So far, cyberattacks have not caused any substantial damage to Israeli banks, but that could change as attacks become more sophisticated.

But experts say that given Israel’s geopolitical position in the world, its banks not only face cyberattacks for financial gain, but can also be targets of cyberterrorism.

Banking institutions around the world have had their private information compromised, huge sums of money stolen, and suffered repeated embezzlement, among other cybercrimes.

Illustration (Photo: Sutterstock)

Illustration (Photo: Sutterstock)

Israeli banks have increased their investments in cybersecurity, creating a common body through which to share information and alerts.

Cybersecurity drills are also carried out regularly, but the industry fears there is no guarantee that all future attacks will fail.

The Bank of Israel has urged customers to take their own steps to ensure their finances are not compromised by hackers.

“We see bad actors impersonating customers, inserting fake landing pages and more,” Bank of Israel officials said.

“We do everything we can, but customers should take precautions and never give out personal account information over the phone or online, no matter how forceful the requests. Instead, customers should use their bank’s secure online facilities via the app.”

Gladys T. Hensley