Since the theft of $81 million from the central bank of Bangladesh came to light in February, investigators have continued to probe similar SWIFT-related attacks against four other financial services firms, dating back to at least 2013.
Before moving to faster payments, U.S. banks should scrutinize the security gaps exploited in the SWIFT-related bank heists and build effective risk-mitigation strategies that include stronger layers of authentication, financial fraud experts say.
A Bangladesh probe says that an insider may have assisted attackers in perpetrating the $81 million cyber heist against Bangladesh Bank. SWIFT has unveiled new security measures to help other banks, but security experts say more will be needed.
Financial fraud expert Avivah Litan, a Gartner analyst, says the SWIFT-related heists, which have defrauded banks out of millions of dollars in recent weeks, are not cause for "the sky is falling" alarm. She recommends key security steps to prevent further such incidents.
A Japanese ATM cash-out scheme that stole $19 million from South Africa's Standard Bank in less than three hours illustrates why devising better ways to mitigate the risks posed by such schemes must be a priority for financial institutions in markets - including the U.S. - that still rely on mag stripe debit cards.
As Europe counts down to implementing its General Data Protection Regulation, which will require EU-wide data breach notifications for the first time, similar efforts to enact a single federal law in the United States remain stalled.
LinkedIn failed to force all users to reset their passwords after a 2012 breach of at least 6.5 million credentials came to light. But it turns out the breach actually compromised 167 million accounts. Whoops.
After blaming a recent spate of bank robberies on banks' poor information security practices, SWIFT has changed its tune. Now it says it wants to help financial firms spot related fraud and better share information about unfolding threats.
Another series of SWIFT-enabled hack attacks against a bank has come to light, following the theft of $81 million from the central bank of Bangladesh and SWIFT warning that other banks are also being targeted.
Ransomware, regulations, botnets, information sharing and policing strategies were just some of the topics that dominated the "International Conference on Big Data in Cyber Security" hosted by Edinburgh Napier University in Scotland.
The FFIEC has released detailed security guidance for mobile banking and payments that its examiners will now use in their assessments of financial institutions. Banking security experts offer a critique.
The SWIFT messaging platform, which was hacked during the Bangladesh Bank heist, is used widely by most Indian banks for international financial transactions. Institutions that rely on the platform must be more vigilant, experts warn.
A security firm claims to have obtained from a young Russian hacker a data set that includes 272 million unique credentials for Hotmail, Gmail and Yahoo email addresses, among others. But there's no reason to panic, security experts say.
The Pakistan National Assembly has approved the cybercrime bill under the Prevention of Electronic Crimes Act, 2015. It is a positive move, but given the challenges of execution, there is still far to go in ensuring a cybersecure ecosystem.