Local banks’ clearing house reveals hack

(CNS): ACH (Cayman) Limited (ACH), which was created by the local high street banks, has been hacked, according to officials from the Cayman Islands Bankers Association, who said malware was detected on the Cayman server. A statement released by CIBA said they were alerted to the appearance of malware in the third party processor on 21 May, more than two weeks ago. This is the server that provides clearing settlement services for domestic electronic fund transfers and cheques among all of the ACH banks. CIBA said there was no evidence yet that any of these banks’ systems have been impacted.

While no details have been revealed about how the malware was detected or if any ransom has been demanded, speaking on behalf of the clearing house, CIBA said the malware had been quarantined and removed from the affected Cayman server. In addition, fraud and security monitoring has been increased across all systems and a specialist forensic IT security consultants have been appointed to investigate. Each bank has notified and will continue to liaise with the relevant Cayman Islands regulators.

ACH is jointly owned by Butterfield Bank (Cayman), Cayman National Bank, CIBC FirstCaribbean International Bank (Cayman), Fidelity Bank (Cayman), RBC Royal Bank (Cayman) and Scotiabank & Trust (Cayman).

“At this stage there is no evidence that any customer data for any ACH bank has been accessed or compromised. Each of the ACH banks is committed to being a responsible custodian of the information provided and the information processed in the course of providing banking services,” CIBA said. “While there is no evidence at this stage that any bank customer data has been compromised, if any client identifies any suspicious activity in connection with any account, please report this to your bank immediately.”

Customers are asked to check their bank websites for more information or contact them directly with any concerns.

Read more about the ACH here.

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