The above alarming figure was just shared by Mr. Le Van Tuan, Director of the Department of Information Security (Ministry of Information and Communications) at the plenary session of the Smart Banking 2024 conference and exhibition, jointly organized by the Vietnam Banking Association and IEC on October 29 in Hanoi.

With the theme “Shaping the digital future for the banking industry: Safe and sustainable operating strategies” , this year's Smart Banking emphasizes the importance of safety protection measures and sustainable development strategies for the banking industry.

W-banking information security 03 1.jpg
Smart Banking 2024 has the theme “Shaping the digital future for the banking industry: Safe and sustainable operating strategy”. Photo: Tin Le

Commenting on the theme of Smart Banking 2024 being very practical for banks, along with pointing out some outstanding results in digital transformation of the industry, Deputy Governor of the State Bank Pham Tien Dung pointed out: Connecting and integrating with many units also brings great risks to banks.

Specifically, in addition to the risk of insecurity if not done carefully, another risk for banks is having to stop providing services when a component in the ecosystem has a problem.

W-banking information security 04 1.jpg
Mr. Nguyen Quoc Hung said that currently, there are more than 37 million customers who have successfully registered biometric information, which is a step forward to help protect banking service users from fraud and scams. Photo: Tin Le

According to Mr. Nguyen Quoc Hung, Vice Chairman and General Secretary of the Vietnam Banks Association, the banking industry is transforming strongly, from applying new technologies such as artificial intelligence - AI, blockchain, to developing digital financial products and services.

Statistics show that, to date, more than 87% of Vietnamese adults have a payment account at a bank; many banks have over 95% of transactions processed on digital channels.

Positive changes in the banking industry not only help improve operational efficiency but also create many new opportunities for banks in serving customers and enhancing user experience.

“However, in addition to opportunities, the banking industry also faces many challenges. Competition is increasing, requirements for information security and compliance with legal regulations are becoming more stringent,” said Mr. Nguyen Quoc Hung.

W-banking information security 02 1.jpg
Mr. Le Van Tuan said that in the first 10 months of 2024, the technical systems of the Department of Information Security received more than 220,000 reports of online fraud. Photo: Tin Le

Discussing from the perspective of the state management unit in the field of network information security, Director of the Department of Information Security Le Van Tuan stated his opinion: The online transaction system is the lifeblood of the digital economy, incidents and cyber attacks on the banking sector can change and disrupt the operations of the economy and social security and safety.

The financial and banking sector has two particularly important parallel responsibilities, including ensuring safety and network security for the banking sector's information system, ensuring safe and smooth systems and transactions; and ensuring information security for customers and users of banking services.

Ensuring network safety and security is now a core factor, vital to the existence, reputation and competitiveness of banks.

"National digital transformation in general and the digital transformation process in the banking sector will not be able to develop and succeed if information systems are not secure, if people do not feel secure when using digital services and online transactions," Mr. Le Van Tuan emphasized.

W-banking information security 1.JPG.jpg
Mr. Trieu Manh Tung, Deputy Director of Department A05 (right) discussed at the dialogue session of Smart Banking 2204. Photo: Tin Le

Sharing at the dialogue session, Colonel Trieu Manh Tung, Deputy Director of the Department of Cyber ​​Security and High-Tech Crime Prevention - A05 (Ministry of Public Security), in recent years, many banks have proactively implemented measures to protect their customers such as reviewing within their customers, which cases and accounts have potential risks.

However, the representative of A05 also said that in reality, inspections show that there are still banks that have not really paid attention to reviewing, evaluating and classifying their customers to proactively prevent risks for users of their services.

Experts all believe that in the coming time, the banking system must further enhance its resistance, with comprehensive network security and safety capabilities to be able to fight against attacks from both inside and outside the system.

At the same time, banks are also advised to continue to focus on implementing solutions to ensure information security for customers, protecting users from information security risks and online fraud.

Nearly 50 banks and financial institutions 'practice' to respond to cyber attacks . The DF Cyber ​​Defense 2024 cyber attack and defense drill is an opportunity for 46 financial institutions and banks to 'practice', contributing to improving the cyber attack response capacity of IT and information security personnel.