Monday, May 23, 2016

Is Swift Bank Network Losing War Against Cyber Attacks?

Swift, a global money transfer network used by banks, has suffered gaps in security standards that have resulted in at least three breaches – in Vietnam, Bangladesh and Ecuador, according to The Wall Street Journal.

The hackers were able to gain access to Swift access codes and deliver authenticated yet fraudulent fund transfer requests. The network did not become aware of the incidents in Ecuador or Vietnam until after the fact. Hackers stole $9 million from an Ecuador lender last year and $81 million from the central bank of Bangladesh in February.

A former Swift official said the network has known its user connections are its weakest link and is in need of improvement. Leonard Schrank, who served as chief executive until 2007 after 15 years in that role, said the breaches are a big wake up call.

Swift, in response to the thefts, urged users in a memo Friday to improve security and reminded them they are required to inform the network immediately of any suspected fraud.

A Swift board committee is examining ways to support users’ efforts to secure systems and share information about cyber threats. The network has repeatedly said that its messaging network has not been infiltrated and that the attacks are on account of problems with users’ security.  (more...)


No comments:

Post a Comment