SWIFT Discloses More Cyber Thefts, Pressures Banks on Security

  • SWIFT, the global financial messaging system, on Tuesday disclosed new hacking attacks on its member banks as it pressured them to comply with security procedures instituted after February’s high-profile $81 million heist at Bangladesh Bank.
  • Accounts of the attack on Bangladesh Bank suggest that weak security procedures there made it easier to hack into computers used to send SWIFT messages requesting large money transfers.
  • International Business | SWIFT Discloses More Cyber Thefts, Pressures Banks on Security
  • SWIFT disclosed the new hacks after reports of previous incidents prompted regulators in Europe and the United States to urge banks to bolster cyber-security.
  • The disclosure suggests that cyber thieves may have ramped up their efforts following the Bangladesh Bank heist, and that they specifically targeted banks with lax security procedures for SWIFT-enabled transfers.

SWIFT disclosed new hacking attacks on its member banks, on the heels of February’s high-profile $81 million heist at Bangladesh Bank.
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