JEDDAH/ BRUSSELS — SWIFT published a new cyber report, ‘Three years on from Bangladesh: tackling the adversaries’, providing new insights into the evolving nature of the cyber threats facing the global financial community.
Key findings show that:
• Four out of every five of all fraudulent transactions were issued to Beneficiary accounts in South East Asia
• Approximately 70 percent of attempted thefts were USD-based – but usage of European currencies increased
• The value of each individual attempted fraudulent transaction decreased dramatically – from more than USD$10m to between $250,000 and $2 million.
Three years after the cyber attack on Bangladesh Bank, and the subsequent launch of SWIFT’s Customer Security Programme (CSP), SWIFT’s study of cyber attacks on banks evidences how efforts to promote robust cyber security standards, the introduction of security-enhancing tools and an increase in the scope and quality of cyber threat intelligence sharing, are paying off.
Based on investigations conducted over the last 15 months, the report shows how closer industry collaboration resulted in the quick identification of…
