Banks on edge after spate of spectacular cyber heists
Cybersecurity specialists say recent attacks on Bangladesh, Vietnam and Ecuador are probably just the tip of the iceberg
A series of spectacular cyber attacks against banks, resulting in the theft of tens of millions of dollars, has heightened fears for an industry becoming an increasingly attractive target for hackers.
Banks in Bangladesh, the Philippines, Vietnam and Ecuador have been targeted over the past year in the attacks on the global interbank service known as SWIFT, and some analysts expect more attacks to be revealed.
After the US$81 million heist from Bangladesh’s central bank became public in May, SWIFT said the incident was “not a single occurrence, but part of a wider and highly adaptive campaign targeting banks”.
Cybercriminals are no longer targeting grandmothers at home for small amounts, but going directly where the money is
Since then, officials said banks have also been hit in the Philippines and Vietnam.
Meanwhile Ecuador’s Banco del Austro claimed in a lawsuit that hackers made off with more than US$9 million through fraudulent SWIFT transfer requests.
Cybersecurity specialists say these attacks are probably just the tip of the iceberg.
“Cybercriminals are no longer targeting grandmothers at home for small amounts, but going directly where the money is,” said Juan Andres Guerrero-Saade, a researcher with the security firm Kaspersky.