Recent software issues with Microsoft and CrowdStrike have created an opportunity for cybercriminals to target Ghanaian financial institutions.
The Africa Centre for Digital Transformation (ACDT) issued a warning to banks, savings and loans, and rural banks following a global software failure on July 19th, 2024. The incident involved a faulty antivirus update from CrowdStrike designed to protect Windows devices but instead caused widespread system outages impacting various sectors like banking, aviation, and healthcare.
Cybercriminals are exploiting the confusion.
The ACDT identified a new wave of cyberattacks capitalizing on the software glitch. Attackers are sending phishing emails disguised as updates from CrowdStrike. These emails originate from a fake domain ('crowdstrike.com.vc') and claim to offer a tool to restore affected Windows systems.
highlighting the discovery of a fake Crowdstrike Hotfix update distributing the Remcos RAT, The fraudulent update is disseminated via a phishing site posing as a BBVA intranet portal. The malicious package advises banks to install it to avoid connectivity issues with their internal network.
Financial institutions using CrowdStrike and Microsoft Azure are particularly at risk.
The ACDT urges these institutions to be extra cautious. The phishing emails target banks through their internal communication channels and aim to distribute malware designed to wipe data.
How to Stay Safe
The ACDT recommends a multi-pronged approach to address this threat:
- Reactive Measures: Activate backup systems and redundancies. Maintain open communication with customers. Implement business continuity plans.
- Proactive Measures: Participate in incident response teams. Regularly monitor system security. Conduct post-outage analysis. Invest in additional IT security measures.
The Importance of Cybersecurity
This incident highlights the critical need for robust cybersecurity practices. It underscores the vulnerability of outdated systems, as revealed by Ghana's National Information Technology Agency (NITA) in April 2024. Their assessment indicated that 60% of government systems lacked proper antivirus protection.
Ghana Takes Action
To combat cybercrime, Ghana's Cyber Security Authority (CSA) recently licensed and accredited 51 cybersecurity companies on July 15th, 2024. This initiative aims to strengthen cybersecurity defenses and protect Ghanaian institutions from future attacks.
By staying informed and implementing strong cybersecurity practices, Ghanaian financial institutions can mitigate the risks posed by these phishing attacks.
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