Southeast Asia | Bangladesh Bank hackers compromised SWIFT software, warning to be issued

Bangladesh Bank hackers compromised SWIFT software, warning to be issued

April 25, 2016 5:18 AM (UTC+8)

 

(From Reuters)

The attackers who stole $81 million from the Bangladesh central bank probably hacked into software from the SWIFT financial platform that is at the heart of the global financial system, said security researchers at British defense contractor BAE Systems.

Swift code bank logo is displayed on an iPhone 6s on top of Euro banknotes in this picture illustration made in Zenica

SWIFT, a cooperative owned by 3,000 financial institutions, confirmed to Reuters that it was aware of malware targeting its client software. Its spokeswoman Natasha Deteran said SWIFT would release on Monday a software update to thwart the malware, along with a special warning for financial institutions to scrutinize their security procedures.

The new developments now coming to light in the unprecedented cyber-heist suggest that an essential lynchpin of the global financial system could be more vulnerable than previously understood to hacking attacks, due to the vulnerabilities that enabled attackers to modify SWIFT’s client software.

Deteran told Reuters on Sunday that it was issuing the software update “to assist customers in enhancing their security and to spot inconsistencies in their local database records.” Read More

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