Attacks/Breaches

9/1/2016
09:10 AM
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SWIFT Reveals New Hacking Attempts On Member Banks

Banks being pushed to meet November 19 deadline for updated security features, including stronger password rules.

SWIFT has revealed new hacking attempts on several member banks following its June disclosure of the February $81-million Bangladesh Bank heist and is pushing members to comply with new safety features, says Reuters in an exclusive report. The global messaging network has reportedly threatened to reveal classified information about security lapses if members did not adopt updated cybersecurity measures.

Details of the hacks were not revealed, although there was indication that some money was lost and the victims were targeted because of weak local security. "The threat is persistent, adaptive and sophisticated - and it is here to stay," SWIFT told its clients.

The disclosure comes after reports of earlier hackings got regulators in the US and Europe to push for tougher cybersecurity measures.

SWIFT members have been warned that failure to meet a November 19 deadline for installing latest security software would be reported to banking regulatory bodies and partners. Updates include stronger verification and password rules.

Also, some US Senators want G20 nations to adopt a “coordinated strategy to combat cyber-crime at critical financial institutions” at its meeting this weekend.

Read full report at Reuters.

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