Editor’s Note: See, Transatlantic Cybersecurity: The Need for Regulatory Coordination, https://www.uschamber.com/sites/default/files/legacy/grc/Transatlantic_Regulatory_Coordination-Cybersecurity.CRE_.pdf.
From: Finance Magnates
The Bangladeshi central bank had $81 million stolen after malware compromised SWIFT’s client software.
SWIFT, an international global payments network, had its software systems hacked by malware, resulting in the theft of $81.0 million from the Bangladeshi central bank, according to a recent Reuters report.
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In this instance, hackers managed to modify SWIFT’s client software, underscoring the latent vulnerabilities across such a globally diverse system. More specifically, the Bangladesh Bank attack managed to successfully manipulate SWIFT client software known as Alliance Access. This followed a previous attempt back in February in which cyber criminals tried to transfer upwards of $951 million from the Bangladeshi central bank’s account at the Federal Reserve Bank of New York.
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