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May 20, 2016

Panicking SWIFT Urges Banks to Report Cyber Heists

A third case a SWIFT member bank in Ecuador revealed to be a victim of a cyber heist at a time when details of the Bangladesh Bank heist are still scarce brings focus to the state of cybersecurity of the world’s go-to banking system.

The $81 million Bangladesh Bank cyber heist from February made global headlines. A SWIFT advisory from the last fortnight revealed the second known case of a member bank falling victim to a heist that further underlined the dire state of cybersecurity measures enforced at global banks.

Now, a third case reveals that Banco del Austro (BDA) in Ecuador was the victim of a similar cyber heist, more than a year ago in January 2015. It’s [...]

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