Hackers could bring down banks, warns network boss

Hackers could bring down banks, warns network boss
# 25 May 2016 15:59 (UTC +04:00)

The message from SWIFT CEO Gottfried Leibbrandt follows cyberattacks on banks in Bangladesh, Vietnam and Ecuador in which similar methods were used to circumvent local security systems.

The attack on Bangladesh's central bank yielded $101 million, while Ecuadorian bank Banco del Austro was hit for $12 million.

Leibbrandt suggested in a speech on Tuesday that other attacks may have gone unreported.

"The Bangladesh fraud is not an isolated incident: we are aware of at least two, but possibly more, other cases where fraudsters used the same modus operandi, albeit without the spectacular amounts," he said.

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