News broke in February that hackers were able to steal no less than $81 million from the Bank of Bangladesh in what MANY described as a perfect heist. Well, maybe it wasn’t perfect, as a silly spelling mistake prevented the culprits from walking away with nearly $1 billion. But the sophisticated attack worked almost flawlessly as the hackers were able to take advantage of the backbone of financial transactions, after infiltrating the bank’s systems.
It turns out that the Bangladesh attack wasn’t an isolated event. Hackers have attacked other banks as well in the past using the same methods. New reports show that some of these attacks could have been prevented, but only if only banks were willing to share more details about these attacks with the SWIFT organization. Apparently, the financial institutions aren’t just worried that they’re going to lose the trust of customers, but also that they might generate additional inquiries into their security systems from local regulators. And nobody wants that. More →