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May 27, 2016
Bloomberg: SWIFT hack may have hit 12 banks
The recent SWIFT malware attack may have led to data breaches at as many as 12 banks, according to Bloomberg.
The Wall Street Journal reported earlier this month that SWIFT – the Society for Worldwide Interbank Financial Telecommunication – had been hit by malware previously blamed for an attack on the New York Federal Reserve Bank four months ago. SWIFT is responsible for an international messaging system used by 11,000 financial institutions.
Cybersecurity firm Symantec Corp is also linking the malware to attacks on a bank in the Philippines and the 2014 hack of Sony Pictures data, which had previously been blamed on North Korea.
Bloomberg cited SWIFT CEO Gottfried Leibbrandt saying more banks may have been targeted, but he did not name them. An unnamed source told the paper that investigators are looking into as many as 12 affected banks. The paper also said SWIFT has historically focused more on securing its overall network than securing the communications between banks.
After the first reports, Sen. Tom Carper, D-Del., asked for information from SWIFT leaders and the Federal Reserve Bank of New York on what system protections they have in place to prevent future cyberattacks.
NAFCU continues to remain engaged on cyber and data security issues. It is seeking passage of the "Data Security Act" (H.R. 2205/S. 961), which would hold retailers to the same national standards financial institutions currently follow under the Gramm-Leach-Bliley Act.
The Wall Street Journal reported earlier this month that SWIFT – the Society for Worldwide Interbank Financial Telecommunication – had been hit by malware previously blamed for an attack on the New York Federal Reserve Bank four months ago. SWIFT is responsible for an international messaging system used by 11,000 financial institutions.
Cybersecurity firm Symantec Corp is also linking the malware to attacks on a bank in the Philippines and the 2014 hack of Sony Pictures data, which had previously been blamed on North Korea.
Bloomberg cited SWIFT CEO Gottfried Leibbrandt saying more banks may have been targeted, but he did not name them. An unnamed source told the paper that investigators are looking into as many as 12 affected banks. The paper also said SWIFT has historically focused more on securing its overall network than securing the communications between banks.
After the first reports, Sen. Tom Carper, D-Del., asked for information from SWIFT leaders and the Federal Reserve Bank of New York on what system protections they have in place to prevent future cyberattacks.
NAFCU continues to remain engaged on cyber and data security issues. It is seeking passage of the "Data Security Act" (H.R. 2205/S. 961), which would hold retailers to the same national standards financial institutions currently follow under the Gramm-Leach-Bliley Act.
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