Monday 11 July 2016 5:15 pm

Swift's beefing up its security after fraud troubles

The global bank messaging system which was targeted in a multi-million dollar hack of the Bangladesh central bank has beefed up its cyber security in the wake of the fraudulent attack.

Swift, which oversees the international transfers of major financial institutions, has called in support from specialists BAE Systems and Fox-IT  to increase its ability to respond to threats and investigate incidents to work alongside its in-house team of cyber experts.

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“Customer intelligence, including intelligence related to attacks that have ultimately failed, is crucial to helping us continue protecting our community,” said Swift chief technology officer Craig Young. 

“Information we have already received from impacted banks has allowed us to identify new malware and to publish related indicators of compromise (IoCs) which are helping to protect the wider community.”

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The audacious heist which netted hackers $80m but they were prevented from taking much more as result of a typo on one of the transfers made from the New York Fed.

The hack did not breach the Swift system itself but clients using the system are vulnerable to malware. The latest addition to its security arsenal is part of a promise to tighten security after the vulnerability came to light.