Before delving into how Swift technology played a role in making Bangladesh Bank more vulnerable before the heist, it is crucial to understand the security measures—or lack thereof—that were in place prior to the cyber attack.
Swift stands for the Society for Worldwide Interbank Financial Telecommunication—a secure messaging system used by financial institutions to send and receive information, such as money transfer instructions. In the case of Bangladesh Bank, Swift technology was in use for international fund transfers, making it a target for cybercriminals.
Even with the implementation of Swift technology, the heist at Bangladesh Bank was still able to occur due to a variety of factors, such as:
In light of the Bangladesh Bank heist, financial institutions should consider implementing the following practices to strengthen their defenses:
1. What role did Swift technology play in the vulnerability of Bangladesh Bank?
2. How can financial institutions mitigate the risks of cyber threats like the Bangladesh Bank heist?
3. What are the consequences of a successful cyber attack on a financial institution?
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Reuters: Police assert SWIFT technicians heightened Bangladesh Banks vulnerability pre-heist.