SWIFT spokeswoman announces software update to strengthen Bangladesh Central Bank security system

Cyber criminals who stole $81 million from the Bangladesh Central Bank hacked into the SWIFT software's financial platform that is at the core of the global system.

Bangladesh police investigators probing the hacking heist stated that the still-unidentified cyber criminals attacked the Bangladesh Bank computers. The cyber criminals have taken control of the credentials that were used to log into the SWIFT system. However, the BAE research suggest that the SWIFT software on the bank computers were compromised to efface records of unauthorized transfers, according to Business Standard.

Last week, the police investigators found out that the bank's computer security measures was seriously weak. Investigators also discovered that the Bangladesh Central bank relied on used $10 switches in its local networks and that the security system lacked basic precautions such as firewalls, The Tribune has learned.

Because of that, SWIFT spokeswoman Natasha De Teran announced that the software would release an update to thwart the malware on Monday, April 25. This comes along with a special warning for financial institutions to scrutinize their security procedures. She also stated the possibility that the software may release additional updates as they learn more about the Bangladesh cyber attack and its potential threats, Market Watch has cited.

SWIFT, a Brussel-based cooperative owned by 3,000 financial institutions, confirmed that they were aware of malware targeting its client software. Spokesperson The software's messaging platform is used by 11,000 banks and other financial institutions around the world.

The cyber criminals tried to make fraudulent transfers with the total amount of $951 million from the Bangladesh Central Bank's account at the Federal Reserve Bank of New York City in February. Most of the payments were blocked, however, $81 million was routed to accounts in the Philippines and disseminated to casinos and banks there, then the rest of the funds remained missing.

Tags

SWIFT Software, Money Laundering, Bangladesh Central Bank investigation, Natasha De Teran

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