Singapore Bank Customers’ Data Exposed In Ransomware Attack

A ransomware attack on a printing vendor company, Toppan Next Tech (TNT), working for DBS Bank and the Bank of China’s (BOC) Singapore branch, has confirmed that customer sensitive data was compromised due to a ransomware attack. It exposed personal data of more than 11,000 customers.

The incident happened between December 2024 and February 2025. This incident has raised security concerns about financial information. It is growing cybercriminal threats targeting financial institutions.

The banks have not announced a further investigation officially. They only disclosed that hackers gained unauthorized access and encrypted sensitive customer data through their systems.

The hackers asked for ransom in exchange for decrypting files and not leaking or spreading the stolen data and information.

The preparatory assessment indicates that personal details, including names, addresses, NRIC numbers, account balances, and details about equities held or loans, were exposed.

DBS Bank disclosed that the number of affected customers is 8,200. These individuals were users of DBS Vickers trading service and short-term lending services.

The Monetary Authority of Singapore (MAS) and the Cyber Security Agency of Singapore (CSA authorities are altered and working closely with banks to mitigate the situation.

One of the spokespersons for MAS stated that “financial institutions must report this kind of incident to take immediate actions and adhare to cybersecurity protocols.”

Customers are advised to monitor their accounts for suspicious activity. They are instructed to enable two-factor authentication(2FA) where possible.

The incident underlines the ransomware threats faced by financial institutions worldwide. Cybersecurity experts and analysts warn financial institutions because they are the prime target of attackers due to holding high-value data.

30% of the ransomware attacks on Asian banks increased in the past few years, according to a report. Singapore is a focal point due to its high status as a global financial hub.

The banks are taking their customers in confidence that their funds are not stolen. The central banking system is secure. The data breach spread criticism over whether enough is being done to protect customers’ data.

Cybersecurity firms advise banks to adopt advanced tools to detect threats and conduct regular penetration testing to stay informed about threats.

Affected customers are notified via email and SMS. The bank is also offering free credit services for monitoring for the next 12 months. Legal entities and experts suggest that the victims will be provided with compensation if the negligence is proven.

In response to growing ransomware threats, CSA advised organizations and financial institutions to adopt preventive measures. These measures include data backups, employee training, and advanced security protocols.

This attack is similar to an incident that happened last year in another Singaporean bank. This raised the question about systematic vulnerabilities. The government introduced stricter cybersecurity regulations then.

Experts argue about the continuous investment in advanced IT infrastructure. Employee training on cybercrimes is essential to stay ahead of these threats.

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