BankIslami, Pakistan’s premier Islamic banking institution, has won a reparations action in the United States after being one of the victims of a cybercrime in 2018.
This is a tremendous accomplishment not just for the Bank, but also for Pakistan on a global scale. The US Department of Justice brought the case, and on September 7, 2021, the Honorable Court sentenced the perpetrator to 140 months in jail and ordered him to pay USD 30 million to the victims, including BankIslami.
BankIslami has bolstered its data security architecture over the years to ensure that these unlawful acts are thwarted. The current cybercrime case began in the United States, when a US-Canadian national was arrested for a variety of activities.
In this case, BankIslami filed a lawsuit and successfully defended it on foreign soil. This is an excellent example of how the correct legal skills, particularly in the areas of forensics, international law, and cybersecurity, can enable remedy for Pakistani organizations even when they are located outside of Pakistan, and it is a significant victory for a home company.
Syed Amir Ali, President and CEO of BankIslami, commented on the situation, saying, “Cybercrime is one of the most important concerns today, especially for financial institutions.” It’s only recently that this has become a big issue. We’ve been working hard at BankIslami to modernise and rebuild our cybersecurity infrastructure by investing resources and technical knowledge. We appreciate our clients and stakeholders’ continued faith in our services, and we strive to meet and exceed their expectations.”