SWIFT Will Be Disabled In Banks With Weak Protection Against Cyber Attacks

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Earlier, SWIFT announced several cyber-attacks. The largest took place in early February when hackers stole from the account of the central bank of Bangladesh about $ 80 million. SWIFT is international interbank with which can be made prepaid payments.

In a personal letter to its customers, SWIFT announces that it became known about new attempts of hacker attacks, which were carried out from June. As a result because of several successful cyber-attacks some clients have lost money, but the number of losses and the number of attacks is not specified. The aim of hackers was the banks with weak security inspection procedures for transfers within the system at the local level.

"The space of clients was violated and was made subsequent attempts to send fake payment instructions" - the agency gives a passage from the letter, which got at their disposal. It is also noted that the threat persists.

The company has repeatedly urged banks to adopt new security measures in connection with the theft in Bangladesh, but it presents difficulties for SWIFT, as the organization is not a regulatory body for banks.

Banks with the weakest protection against cyber-attacks can be disconnected from the access to SWIFT international bank payments system.

It is reported by Financial Times referring to the system of management, which is trying to restore confidence after several hacker attacks.

"The days when robbers broke into a bank branch with weapons, has long been over. Now you can rob a bank with a computer, and it completely changes the rules of the game ", - said the executive director of the SWIFT Gottfried Leibbrandt.

So, there is, to enhance the high standards of cyber security among the 11 thousand banks that use the system, it is planned to be disconnected from the most vulnerable financial institutions.

"We can say that if someone in SWIFT will not immediately provide security, then we'll have to cut institution off the system", - underlined Leibbrandt.

In addition, he said, that SWIFT spoke with international financial regulators, including the Bank for International Settlements and the Financial Stability Board, on how to make demands to security part in their standards.

Leibbrandt noted that SWIFT is also planning to create a new certification program for auditors who will be able to check the banks for compliance with the criteria of enhanced cyber security.

The international inter-bank payment system SWIFT has informed their customers about the second attack. The first case was the theft by hackers on the account of the central bank of Bangladesh.

According to the company, in both cases, private SWIFT system was not broken, but the hackers gained access to the data collection and transmission system using the credentials of customers and malicious software to hide their tracks.

US largest banks, in turn, have increased the control over money transfers in the SWIFT payment system after hacking attacks. This information gives Reuters.

Bloomberg reported that major US banks require SWIFT to strengthen security measures due to hacker attacks. Some US banks want to discuss with SWIFT how quickly it can react to the hack and whether banks should strengthen their own security.

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