Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SWIFT, the financial messaging system used by 11,000 banks throughout the world, admitted this week that it’s vulnerable to hackers if they penetrate its member financial institutions. It shouldn’t be major news: Thieves go where the money is, and more than half of the 25.8 million messages a day that the network carried in March were meant to transfer money. Yet SWIFT’s hacker problem is a great illustration of how globalized finance can get out of hand.

SWIFT’s warning, sent to members over its secure network, tells them about “a number of recent cyber incidents in which malicious insiders or external attackers have managed to submit SWIFT messages from financial institutions’ back offices, PCs, or workstations connected to their local interface to the SWIFT network.” Of these incidents, only one is well-known—February’s Bangladesh Bank heist, which could easily provide the plot for a cyberpunk novel. On Monday, U.K.-based BAE Systems’ cybersecurity division provided the technical details of how the hack probably worked, having found malware that was likely used for the hack on an online malware repository.

Dig Deeper


Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2022 ALM Global, LLC. All Rights Reserved.