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.
Banks and regulators have begun reviewing SWIFT-related information security practices and requirements following the online heist of $81 million from Bangladesh Bank. Authorities say much of that money is still missing.
Amidst finger-pointing over responsibility for the $81 million online theft from Bangladesh Bank, SWIFT has issued its first-ever information security guidance to banks, telling them that they're responsible for securing their own systems.
The online heist of $81 million from Bangladesh Bank involved custom malware that hacked the database used by the bank's SWIFT software, allowing attackers to transfer money and hide their tracks, according to BAE Systems Applied Intelligence. SWIFT will issue software updates and security guidance to all customers.
The massive "Panama Papers" data leak apparently was enabled by a law firm failing to have the right information security defenses in place. The breach calls attention to the need for all organizations to encrypt sensitive data, use access controls as well as monitor access patterns for signs of data exfiltration.
If you cast the Panama Papers leak in terms of class warfare, this isn't the first time that a faceless few have acted for what they perceive to be the good of the proletariat, in a bout of hacker - or insider - vigilantism.
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After nearly a generation of prodding, not a week goes by without the continued assertion that banks have failed to respond to digital-savvy customers demanding anytime, anyplace, anywhere services through digital and mobile channels. But how can banks respond to the digitized offerings from "born in the cloud"...
Cyberattacks against U.S. banks will continue to increase in 2016, making cybersecurity oversight and AML enforcement focal points for regulators, says Walter Mix, a former commissioner of the California Department of Financial Institutions.
Financial crimes are growing in frequency and complexity with advances in technology providing malicious insiders and organized criminals more opportunity to commit crimes. Furthermore, the drumbeat to remain compliant continues. New regulatory guidelines continue to arise with increased scrutiny and complexity, so...
The use of Bitcoin poses big cybersecurity and money-laundering concerns for banks. But the transaction infrastructure used by cryptocurrencies offers many features that banks should put to use, says former FBI Special Agent Vince D'Agostino.
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The latest whitepaper from LexisNexis Risk Solutions is designed to clarify the due diligence...
Instead of hacking into trading platforms, prosecutors say a gang stole confidential press releases, enabling traders to illegally earn $100 million. Security experts say it's time to review the "information supply chain."
The U.S. Department of Justice has announced charges against nine people suspected of running an international insider-trading and hacking scheme predicated on stealing confidential press releases before publication.