SWIFT Issues Warning About Multiple Security Incidents

Global financial network SWIFT issued an alert to its clients on Monday that it was aware of  "a number of recent cyber incidents" similar to the $81 million-Bangladesh Bank heist where hackers compromised its messaging platform to send phony messages.

“Malicious insiders or external attackers have managed to submit SWIFT messages from financial institutions’ back-offices, PCs or workstations connected to their local interface to the SWIFT network,” the group said, according to a Reuters report.

Banks are now being urged to strengthen their cybersecurity posture and protect against hacking into valid operator credentials after evidence surfaced that SWIFT’s alliance access server software had been manipulated by cyber thieves to cover their tracks.

SWIFT has also launched a mandatory update to the software used by SWIFT clients to access its network; institutions have a deadline of May 12 to install the update, which SWIFT says will help banks track any nefarious activity.

Read full story at Reuters.