$81 million is what was stolen, undetected, out of a Bangladesh Bank account at the Federal Reserve Bank of New York. Unbelievable how the malware modified the SWIFT software and bypassed validity checks.
This Bangladesh Bank breach highlights the wide range and new, creative ways hackers are innovating. And the challenges in protecting the financial services network. In yet another example, a few weeks ago several Russian banks lost $25.7 million due to a network worm. The worm is a new form of malware, introduced through a phishing attack where emails were masquerading as legitimate correspondence from the Russian Central Bank.
The challenge for banks is the evolution of the attacks. This most recent attack of Russian banks is so sophisticated that only a complete systems shutdown will eliminate it. A scenario that banks are not prepared to undertake, in fact, no major bank has had a complete systems shutdown in decades.
Banks need to be on the cutting edge of security for only then significantly challenging hackers can be kept at bay. And most importantly, they cannot remain complacent. Once a security system is implemented, hackers go to work to compromise it, which means the banks have to go to work to modify, patch and update a security system the minute it is implemented. It’s an endless cycle that can be made easier with an enterprise security architecture approach that addresses the full attack continuum.
There’s never been a better time to worry less and innovate more. Don’t let the hackers own you. For information on the state of the cybersecurity, please reach for the Annual Security Report, now in its 6th year of publication.