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Ecuador Bank Hacked — $12 Million Stolen in 3rd Attack on SWIFT System

Ecuador Bank Hacked — $12 Million Stolen in 3rd Attack on SWIFT System
May 21, 2016
Bangladesh is not the only bank that had become victim to the cyber heist . In fact, it appears to be just a part of the widespread cyber attack on global banking and financial sector by hackers who target the backbone of the world financial system, SWIFT. Yes, the global banking messaging system that thousands of banks and companies around the world use to transfer Billions of dollars in transfers each day is under attack. A third case involving SWIFT has emerged in which cyber criminals have stolen about $12 million from an Ecuadorian bank that contained numerous similarities of later attacks against Bangladesh's central bank that lost $81 Million in the cyber heist . The attack on Banco del Austro (BDA) in Ecuador occurred in January 2015 and, revealed via a lawsuit filed by BDA against Wells Fargo, a San Francisco-based bank on Jan. 28, Reuters reported. Here's how cyber criminals target banks: Uses malware to circumvent local security systems of a bank. Gains acces

Second Bank hit by Malware attack similar to $81 Million Bangladesh Heist

Second Bank hit by Malware attack similar to $81 Million Bangladesh Heist
May 13, 2016
SWIFT, the global Society for Worldwide Interbank Financial Telecommunications, warned on Thursday of a second malware attack similar to the Bangladesh central bank hack one that led to $81 million cyber heist. In February,  $81 Million cyberheist at the Bangladesh central bank was carried out by hacking into SWIFT, the global financial messaging system that thousands of banks and companies around the world use to transfer billions of dollars every day. However, the hackers behind the cyber heist appear to be part of a comprehensive online attack on global banking and financial infrastructure. The second attack involving SWIFT targeted a commercial bank, which the company declined to identify. SWIFT also did not immediately clear how much money, if any, was stolen in the attack. However, SWIFT spokeswoman Natasha de Teran said that the second attack and the Bangladesh bank heist contained numerous similarities and were very likely part of a "wider and highly adaptive

Making Sense of Operational Technology Attacks: The Past, Present, and Future

Making Sense of Operational Technology Attacks: The Past, Present, and Future
Mar 21, 2024Operational Technology / SCADA Security
When you read reports about cyber-attacks affecting operational technology (OT), it's easy to get caught up in the hype and assume every single one is sophisticated. But are OT environments all over the world really besieged by a constant barrage of complex cyber-attacks? Answering that would require breaking down the different types of OT cyber-attacks and then looking back on all the historical attacks to see how those types compare.  The Types of OT Cyber-Attacks Over the past few decades, there has been a growing awareness of the need for improved cybersecurity practices in IT's lesser-known counterpart, OT. In fact, the lines of what constitutes a cyber-attack on OT have never been well defined, and if anything, they have further blurred over time. Therefore, we'd like to begin this post with a discussion around the ways in which cyber-attacks can either target or just simply impact OT, and why it might be important for us to make the distinction going forward. Figure 1 The Pu

How Did Hackers Who Stole $81 Million from Bangladesh Bank Go Undetected?

How Did Hackers Who Stole $81 Million from Bangladesh Bank Go Undetected?
Apr 25, 2016
In Brief Investigators from British defense contractor BAE Systems discovered that hackers who stole $81 million from the Bangladesh Central Bank actually hacked into software from SWIFT financial platform, a key part of the global financial system. The hackers used a custom-made malware to hide evidence and go undetected by erasing records of illicit transfers with the help of compromised SWIFT system. The Bangladesh Bank hackers, who managed to steal $81 Million from the bank last month in one of the largest bank heists in history, actually made their tracks clear after hacking into SWIFT, the heart of the global financial system. SWIFT , stands for the Society for Worldwide Interbank Financial Telecommunications, is a global messaging network used for most international money and security transfers. More than 11,000 Global Banks on HIGH ALERT! Nearly 11,000 Banks and other financial institutions around the World use SWIFT system to send securely and receive payment

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