Sponsored By

Central Banks Set Up Team To Oversee Cybersecurity

Bangladesh Bank $81-million heist acts as a wake-up call to banks to protect inter-bank transfer networking from cyberattacks.

Dark Reading Staff

September 16, 2016

1 Min Read

A committee of central banks within the Bank for International Settlements (BIS) has set up a task force to oversee the security of banks and establish standards for the financial bodies to follow during cross-border banking, reports Reuters.

The task force is looking at whether to establish cybersecurity standards for inter-bank financial transfers, and it could sort responsibilities of banks and SWIFT during inter-bank transfers and identify “breakdowns” in the system, a source told Reuters.

The task force will include representatives of the 25 central banks that comprise the BIS payment committee, with a leading role by National Bank of Belgium.

The need for a team to weed out existing vulnerabilities in the banking system hit home after Bangladesh Bank was robbed of $81 million by hackers in February through fraudulent messages sent on the SWIFT network.  

Read details here.

About the Author(s)

Dark Reading Staff

Dark Reading

Dark Reading is a leading cybersecurity media site.

Keep up with the latest cybersecurity threats, newly discovered vulnerabilities, data breach information, and emerging trends. Delivered daily or weekly right to your email inbox.

You May Also Like


More Insights