22 March 2024
Addis Ababa, Ethiopia- The Information Network Security Administration (INSA) has clarified that the recent incident at the Commercial Bank of Ethiopia (CBE) was not a cyberattack.
The issue arose during a mobile system upgrade attempt, according to a press conference held by INSA Director General Tigst Hamid.
Misapplication During Upgrade Caused Problem
INSA’s investigation revealed that the bank attempted to directly integrate a previously installed core banking system module with the mobile banking system. This resulted in a programming error within the system’s source code.
Error Led to Unintended Transactions
The faulty code caused the system to process withdrawals without deducting the corresponding amount from the customer’s account, leading to inaccurate balances.
Social Media Rumors Debunked
INSA emphasized that reports circulating on social media regarding a cyberattack on the bank are untrue.
Continuous Efforts for Cybersecurity
The Director General reaffirmed INSA’s commitment to ensuring the country’s cybersecurity, stating that the organization works 24/7 to achieve this goal.
Further Investigations Ongoing
INSA will conduct further investigations and forensic analysis to determine the full extent of the issue. The public will be informed of the final results.
