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U.S. Banking Regulators Outlines Steps to Tighten Cyber Security Efforts

Following the theft of millions of dollars from Bangladesh Bank via the international financial messaging system SWIFT, US banking regulators have outlined steps to tighten cyber-security at the nation's banks. US banking regulators issued a joint letter outlining ways they would tighten cyber-security around the nation's banks that interact with the international financial messaging system SWIFT.

The letter, according to The Wall Street Journal, was sent to Rep. Carolyn Maloney (D-NY), who serves on the House Financial Services Committee, and who raised questions regarding the massive US$81 million cyber heist from Bangladesh Bank in February 2016. That attack apparently built on similar attacks against a bank in Ecuador in January last year and a Vietnam commercial bank in December, which also communicated with SWIFT.

SWIFT, does not reportedly have the vulnerability itself in its system, but rather cyber-criminals have been exploiting vulnerabilities found in the way banks initiate their funds transfer process with SWIFT. In addition to the issue of millions of dollars that were taken, concerns arose that the cyber-criminals may also be potentially willing to engage in physical violence. A cyber-security researcher investigating the Bangladesh Bank heist was abducted and found a week later wandering the streets, according to an International Business Times report.

News Characteristics

Date : Aug 26, 2016
Region : North America
Industry : Banks
Function : Risk Management
Sub-Function : Cyber Risk