The growing threat of cyber-crimes may continue to have a huge negative impact on the global economy, except urgent and intensive efforts are employed to check the stemming tide.

Over a hundred banks and financial institutions worldwide are already victims of escalating cyber robbery. A reported estimate of $1 billion has been stolen from these attacks since 2013 to date, as quoted by Chinese software security firm, Kaspersky Lab.

With these attacks taking place in over 30 countries, perpetrators of the act will stop at nothing to exploit any vulnerability identified within financial institutions, particularly banks. Emerging African financial hub, Morocco was the latest victim.

The gang, which Kaspersky dubbed ‘Carbanak’ with members from Russia, Ukraine and China has claimed responsibility for the attacks. The gang’s methods marked a new stage in cyber robbery where hackers launder money directly from banks and avoid targeting end users. This is done by using computer viruses to infect company networks with a malware.

This, the malware allows them transfer money from the banks’ account to their own, or even have cash machines dispense money at a pre-determined time of the day, with up to $10 million stolen between a period of two and four months.

“It was a very slick and professional cyber robbery,” said Kaspersky Lab’s principal security researcher, Sergey Golovanov.

Hacking represents a growing risk for the global financial sector, though banks are making significant efforts to protect themselves from cybercrimes by reducing vulnerabilities.