In February 2016, hackers stole $81 million from the Bangladesh central bank by sending fraudulent messages through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system.
Three months later, hackers attempted to steal over $1 million from a commercial bank in Vietnam using a similar method. Since then, almost a dozen banks have reportedly launched investigations into possible hacks involving SWIFT. Coming on the heels of these investigations, last month financial regulators in the United States and abroad independently issued guidance regarding measures that can be taken by financial institutions and financial market infrastructures (FMIs) can take to protect against cybersecurity threats to the payments ecosystem.
FFIEC Joint Statement on Cybersecurity of Interbank Messaging and Wholesale Payment Networks
On June 7, 2016, the Federal Financial Institutions Examination Council (FFIEC) issued a joint statementadvising financial institutions to actively manage cybersecurity risks associated with interbank messaging and wholesale payment networks. The joint statement does not impose new regulatory requirements on financial institutions and is intended merely “to alert financial institutions to specific risk mitigation techniques related to cyber-attacks exploiting vulnerabilities and unauthorized entry through trusted client terminals running messaging and payment networks.” For the full article click here
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