GTBank website breach raises concerns over customer data, cybersecurity measures

The website of Guaranty Trust Bank (GTBank), one of Nigeria’s major financial institutions, has been compromised by suspected hackers.

The attack, which appears to have started on the night of August 14, 2024, has triggered worries about the security of customer data and the integrity of the bank’s digital systems.

The breach comes shortly after GTBank renewed its domain name for another five years, from August 13, 2024, to March 21, 2029.

This timing has led to speculation that the hackers might have exploited the renewal process to gain unauthorized access.

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Cybersecurity experts suspect that the attackers may have introduced an additional HTTP layer to GTBank’s website to facilitate a phishing scheme designed to capture sensitive customer information, including login credentials.

This tactic often deceives users into revealing their personal details by imitating legitimate banking procedures.

A cybersecurity professional familiar with the Nigerian banking sector suggested that the breach might involve compromised login details, potentially posing a greater threat than the hijacking of the domain itself.

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“This incident raises serious questions about GTBank’s security measures, particularly whether they implemented DNSSEC (Domain Name System Security Extensions), which could have prevented or lessened the impact of such an attack,” the expert commented.

Despite the gravity of the breach, GTBank’s mobile banking apps for Android and iOS seem unaffected, offering some reassurance to customers.

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However, the situation remains dynamic, with potential for further developments.

The hackers have not yet claimed responsibility for the attack, and it remains unclear if they plan to sell the compromised domain or use it for additional malicious activities.

The incident has heightened fears that more of GTBank’s digital assets could be targeted, potentially leading to a broader crisis in Nigeria’s financial sector.

As GTBank addresses the fallout, there are increasing concerns about the internal repercussions, with speculation that the breach could lead to significant job losses within the organization.

This incident underscores the urgent need for robust cybersecurity measures within the financial industry, particularly for high-profile institutions like GTBank. Customers are advised to stay alert and refrain from accessing the bank’s website until official confirmation of its security is provided.