Vietnam has launched an investigation into a major cyberattack targeting its national credit database, raising concerns about the safety of sensitive financial information in one of Asia’s fastest-growing banking markets.
The attack struck the National Credit Information Centre (CIC), which operates under the State Bank of Vietnam and stores detailed records on borrowers, including personal data, credit card usage, payment history, and risk assessments. Authorities said the intrusion aimed to steal personal data, though the scale of the compromise is still being assessed.
In a letter dated September 11 and circulated to lenders, the CIC suggested that the attack may have been carried out by Shiny Hunters, a hacker collective notorious for breaching multinational corporations such as Google, Microsoft, and Qantas. Active since 2020, the group is known for large-scale data theft and selling stolen credentials on dark web marketplaces.
Despite the breach, the CIC stressed that operations remain unaffected. “The incident has not disrupted operations or caused any damage, and the credit information service system remains fully functional,” the centre stated. Cybersecurity experts, however, warn that stolen credit data poses long-term risks to financial security and consumer trust, even if services continue running normally.
The incident comes amid rising digital vulnerabilities in Vietnam. A 2024 report from Viettel revealed that 14.5 million accounts in the country were exposed in data leaks last year, representing 12 per cent of global cases. Analysts say this highlights the challenge of securing Vietnam’s digital infrastructure while expanding financial inclusion and digital banking.
Global banks are also taking note. JPMorgan, in a client note on Friday, cautioned that the breach could raise operational costs for Vietnamese lenders as they strengthen cybersecurity defences, while also putting deposit flows at risk if customer confidence weakens. However, it maintained a stable outlook on the sector, citing no major disruptions to date.
The State Bank of Vietnam has yet to issue a public statement, and Shiny Hunters could not be reached for comment. For now, the scope of the attack remains unclear, but the breach underscores how global cybercriminal networks continue to target emerging economies with growing financial systems.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
