GTBank Hacked: Bank Sets Profit Record Amidst Cyberattack

In a whirlwind week for Guaranty Trust Bank (GTBank), Nigeria’s banking giant experienced both record-breaking success and a digital setback.

Just months ago, GTBank announced what could only be described as a financial feat—the highest three-month profit in its history, a staggering N509.3 billion, over six times what it made in the same period last year. This profit surge was a feather in GTBank’s cap and a record-breaking event in Nigerian banking history, showcasing the bank’s robust growth and strategic acumen. Segun Agbaje, the CEO, must have been toasting this achievement with something stronger than the usual Nigerian Star beer.

However, the digital realm proved less forgiving. In a twist that would make even the most seasoned cyber security expert raise an eyebrow, GTBank’s website was hijacked by hackers in what’s being described as a massive phishing operation. This incident didn’t just compromise the bank’s digital front door; it potentially exposed customer data to these digital marauders. The timing? A day after the bank renewed its domain for another five years, a move that, in hindsight, might seem like waving a red flag at a cyber bully.

Customers took to X (formerly Twitter) in droves, not just to express their frustration over transaction hiccups but to voice their fears over data security. GTBank’s response? A call for patience and a nudge towards using their mobile apps, which, fortunately, remained unaffected by this digital heist.

This cyber attack follows GTBank’s strategic move to raise $246.2 million through a share sale, aiming to bolster its capital base in response to the Central Bank of Nigeria’s tightened capital requirements. It’s like preparing for a marathon by beefing up your stamina, only to discover the race has become a digital obstacle course.

The irony here is palpable. GTBank, a symbol of financial strength, now faces the challenge of rebuilding its digital fortress. While the bank’s mobile infrastructure stood firm, the website fiasco is a stark reminder of the vulnerabilities in our increasingly digital world.