Banks Worldwide at Risk of Cyber-Attack

Since 2015, there have been at least 10 major cyber-attacks on Banks from around the world, stealing millions in assets and compromising the integrity of the banking systems. SWIFT officials confirm that even more banks have been compromised, but no information is known to the public yet. SWIFT has confirmed that these attacks share similarities and are continuing on a global scale.

In 2016, A cyber-heist created ripples around the world when the Central Bank Bangladesh was compromised for a grand total of USD $951 Million. Although many of the fraudulent transfer requests were eventually blocked, $101 million was successfully siphoned off into foreign accounts, making this the single largest cyber heist in history.

Bangladesh Bank has entrusted World Informatix Cyber Security (WICS) with the investigation mandate for this heist, providing incidence response and remediation.

World Informatix Cyber Security has provided cyber security services and SWIFT Payment Systems Assurance reviews to Marquee clients such as The United Nations Central Banks worldwide.

Key Profile of the Cyber-Attack:

  1. Sophisticated malware was deployed by the attacker on the target servers running SWIFT Alliance Access (SAA) applications. Attack was designed to process SWIFT transactions with legitimate harvested credentials
  2. Targeted attack – Malware was specifically designed for a targeted attack to operate on servers running SWIFT Alliance Access (SAA)
  3. Complex malwares have been identified with advanced features of harvesting of credentials and to securely erase all traces of activity after accomplishing its task. Complementary malware was used to sustain the attack - such as keys loggers and attacker utilities for post attack cleanup
  4. Defeats normal Cyber security measures - Attacker was capable of penetrating normal cyber security defenses. All the tools employed by the attacker were custom-made and bypassed the deployed anti-virus solutions.

Company Profile

World Informatix Cyber Security is a trusted partner of global businesses and governments and was recently engaged by a major Central Bank for an emergency incident response to a high value security incident. WICS was responsible for leading the emergency incident response, containment, rapid vulnerability assessment and remediation of the Central Bank’s IT infrastructure.

Related Service Offering

  • SWIFT Payment Systems Assurance review
  • Web & Network Pentesting
  • Security Awareness Programs & Training
  • LightCyber’s Magna
  • Cytegic Intelligence based Decision Support System