The leader of a Hanoi-based major commercial joint stock bank told VIR, “IT-related crimes in the banking sector have become increasingly frequent and sophisticated. It is long overdue to ramp up IT investments.”Though the local banking system has yet to incur serious damage from hacker attacks, reports of hi-tech crimes have been coming in frequently. Such investment may touch a hundred million dollars at leading banks, like VietinBank or Vietcombank, but only stay at several million dollars at minuscule institutions, leaving them highly vulnerable to hacker attacks. According to technology, media, and research firm IDG ASEAN’s recent assessment, the finance and banking sector will top IT spending in the upcoming time. According to banking experts, a cutting-edge Core Banking system can cost tens of million of US dollars.

Source: VietNamNet News August 05, 2016 13:41 UTC