Another Cybersecurity Attack Using SWIFT
The State Bank of Vietnam recently confirmed with Reuters that there was an attempted cyber heist at Tien Phong Bank in Vietnam. It involved the use of bogus SWIFT messages, which is the same technique used in the February's massive theft from the Bangladesh central bank which lost $81 million. In this heist, 1.2 million-euro transaction was about to be transferred from Tien Phong Bank to an unknown Slovenian bank on 8 Dec 2015 when it was detected and stopped. The bank was hit because it used a third-party vendor from Singapore to connect to the SWIFT money transfer system and the vendor system was likely infected with a malware.
A Chartered and Certified Professional in Finance and Insurance.
8 年US regulators was asked by a member of the House subcommittee on capital markets, what steps they had taken, or will take, "to ensure that all U.S. banks have adequate security measures in place to protect against cyber attacks that involve stolen SWIFT credentials." They were also asked how they would ensure that U.S. "members of SWIFT are in full compliance with SWIFT's recommended security practices and policies." https://www.channelnewsasia.com/news/business/international/ny-lawmaker-warns-on-us-f/2810994.html
A Chartered and Certified Professional in Finance and Insurance.
8 年The director general of the Association of British Insurers (ABI), Huw Evans, has recently called for a mandatory anonymised database of cyber attacks to help insurers develop accurate business models. This indicates that cyber risks is gaining more attention.
A Chartered and Certified Professional in Finance and Insurance.
8 年According to CyberSecurity Malaysia there were 2,470 attacks in the 1st quarter of 2016 for Malaysia, a 41.7% increase over the previous quarter. The increasingly popular malware used was ransomware. Both homes and business computers are vulnerable if they don't have adequate security. The method used was via spam emails and online ads which the victims clicked or opened. Once infected the computer is locked and a ransom is demanded. Payment to unlock the computer is primarily by Bitcoin.