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SWIFT, an international global payments network, had its software systems hacked by malware, resulting in the theft of $81.0 million from the Bangladeshi central bank, according to a recent Reuters report.
The announcement follows on the heels of a string of recent initiatives by SWIFT to usher in more firms and venues under its collective mantle, whereby helping foster transparent and secure financial commerce and banking. While its resolve has not changed, the latest malware attack does bring into question the need for respective financial institutions to fortify their security protocols and procedures.
In this instance, hackers managed to modify SWIFT’s client software, ... (read more)