Bank of Montreal and Canadian Imperial Bank of commerce are at hacking risk – Research Snipers

Bank of Montreal and Canadian Imperial Bank of commerce are at hacking risk

The Canadian Imperial Bank of Commerce and the Bank of Montreal has warned that hackers may have stolen the data of around 90,000 customers, it appears to be the first major attack on the financial institutions of the country.

The Bank of Montreal is Canada’s largest lender; the bank was contacted by the hackers claiming that they hold the personal and financial data of some limited number of bank customers.

A spokesperson from the bank said we believe that nearly or less than 50,000 of the customers across Canada were hacked, however, he declined to comment on the money lost as a result of this attack.

The hackers also intimidate the bank to make the data public, the bank was working with authorities to conduct a thorough investigation. The bank of Montreal said it believed that the attack was carried out from another country outside Canada and the bank was confident about the security loops which lead to customer data hack were closed off properly. Canada’s fifth-largest lender, the Canadian Imperial Bank of Commerce (CIBC) said, the hackers contacted the bank on Sunday and claimed they have stolen the data of as many as 40,000 customers of their Simplii direct banking brand.

Your digital transaction might be a hacking trap

CIBC has not yet confirmed the data breach but they are taking the claim seriously, CIBC customers, however, were not affected.

Management of both banks have advised their customers to keep a close eye on their accounts and report any suspicious activity they find in their capacity. While other Canadian bank said they were neither affected nor compromised.

All the Canadian banks along with the Bank of Canada have been collaborating to bolster the cybersecurity of the banks against the cyber attacks, the bank of Canada said earlier that some of the attacks could be unstoppable they have mechanisms in place for swift recovery and limited damage.

CIBC and BMO shares went down after this attack; BMO was down by 0.3 percent while CIBC also inflicted 0.3 percent decline in shares.