Back to the complete issue
Tuesday, 3 May 2016

QNB starting to take hack seriously; hackers threaten to release customer data from another bank

QNB hackers to leak data from another bank soon; QNB deems it worthy to comment on data breach, maintains no financial impact on customers: Qatar National Bank changed its attitude slightly in a statement on Sunday with regard to news of a data leak of its customers’ information online, which we first noted last week. While the bank had initially said it would not comment on ‘social media rumours’ of a data breach, the bank in a statement on Sunday dropped a bit of the snark, acknowledging: “QNB Group’s Risk Team monitored abnormal activity in our system environment, this was immediately communicated to relevant authorities.” However, the bank insists the “incident will have no financial impact on QNB Group’s customers,” while it also admitted “some of the data recently released in the public domain may be accurate.” No word yet on whether data on clients of the bank’s Egyptian subsidiary is included.

…Meanwhile, the hackers allegedly responsible for the data breach say they are preparing to release customer data from another bank dating back to 2001, Gulf News reported on Monday, citing Mohammad Amin Hasbini, senior security researcher at Kaspersky Lab Middle East. According to Hasbini, the hackers have Turkish roots, are known as Bozkurtlar, and the breach may be somehow linked to the Syrian conflict. “The motive of the QNB hacking can’t be pinpointed at this stage. Although the bank has claimed it is an attack on its reputation, there could be a ‘financial angle’ as these professional hackers are hired by someone with a motive, which could be from tarnishing someone’s reputation to making financial gains from personal data of customers,” said Stephen Bailey, who heads the cyber security team in PA Consulting’s security practice in the region. “But at this stage, it is difficult to believe anyone hacking into a bank’s data system just for defaming the institution,” a claim made by QNB in their statement on Sunday.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.