September 10, 2021: BankIslami, Pakistan’s leading Islamic finance institution, has emerged victorious and won a restitution case in the US as one of the victims of cybercrime that occurred in 2018. This is a significant achievement not just for the Bank but for Pakistan at an international level.
The proceedings were initiated by the US Department of Justice and on 7th September 2021, the Honorable Court sentenced the culprit to 140 months in prison and to pay USD 30 million to the victims including BankIslami.
Cybercrimes are rampant across the globe causing trillions of dollars in damages every year. BankIslami over the years has strengthened its data security infrastructure to ensure that these illegal activities are foiled. The present case of cybercrime was initiated in the US when a US-Canadian national was arrested in connection with numerous activities.
BankIslami submitted its claim in this case and successfully defended its case on foreign soil. This case is an exemplary achievement of how the right legal expertise, especially with respect to forensics, international law and cybersecurity can provide remediation even abroad for Pakistani entities and marks a substantial victory for a domestic organization.
Commenting on the development, President and CEO, BankIslami, Syed Amir Ali stated: “Cybercrimes are one of the most pressing challenges especially for financial institutions these days. It is only recently that this has reared its head significantly. At BankIslami, we have continuously made efforts to upgrade and revamp our cybersecurity infrastructure through investments of resources and technical expertise. We are grateful to our customers and stakeholders for their constant trust in our services and we make sure to live up to their expectations.”