Experts will share experience in cyber security in the banking and financial sector during an exercise slated for October 11.

DF Cyber Defence 2022 aims to equip officials in charge of ensuring information safety in banking and financial organisations with new tactics, the National Cyber Security Centre (NCSC) under the Ministry of Information and Communications said on October 5.

The event will be co-organised by the Information-Technology Department at the State Bank of Viet Nam (SBV), NCSC and IEC Group.

The organisers said more than 50 banking and financial organisations have registered to participate in the exercise, with 200 cyber experts.

In a study titled ‘Cybersecurity risks in digital banking: The case of Viet Nam’, Phan Chung Thuy from the University of Economics Ho Chi Minh City, said in recent years Vietnamese banks have embraced digital transformation and security risks.

The study cited Kaspersky as saying Viet Nam ranks 21st in the world in terms of phishing attacks with 673,743 recorded in 2020, only after Thailand and Indonesia in Southeast Asia.

According to a survey by the Viet Nam Information Security Association, more than 50 per cent of cyber attacks are aimed at banks and financial institutions.

A report by the Ministry of Public Security’s Department of Cybersecurity and High-Tech Crime Prevention said that in 2020, banks lost nearly VND100 billion (US$4.39 million) in 4,000 cyberattacks, with a single bank suffering a loss of VND44 billion. — VNS