London: SWIFT, a messaging system used by banks across the world, announced further steps on Monday to bolster its defences against hackers, after criminals sent fraudulent payment instructions across its network. The Society for Worldwide Interbank Financial Telecommunication said it has hired two outside cyber security firms, BAE Systems and Fox-IT2, to reinforce in-house expertise, and has set up a team to share cyber defence “best practice” among its customers.
In February, thieves hacked into the Bangladesh central bank’s interface with SWIFT’s network, which is a pipeline for transferring funds and the backbone of international finance.
They sent payment instructions to the Federal Reserve Bank of New York, telling it to transfer $951 million from Bank Bangladesh’s account to accounts in the Philippines. Most of the transactions were blocked but four went through, amounting to $81 million that remains missing.
SWIFT, a Belgium-based co-operative owned by its users, had already unveiled measures to tighten up security. For the full article click here
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