Hackers have stolen hundreds of millions of dollars from international banks in the last two years after compromising the networks of financial institutions and then using that access to send fraudulent transactions through SWIFT, the global network banks use to transfer money between one another. In response, SWIFT begins enforcing mandatory security controls on April 1 as part of an effort to strengthen defenses against an increasing host of hackers success in pulling off some of the biggest bank heists in history. One of the groups involved in attacks against South East Asia banks is largely thought to be controlled by North Korean intelligence. Cybercriminal groups have launched multiple distinct sustained and successful hacking campaigns against banks around the world with the ultimate targeting being fraudulent SWIFT transactions. One industry group said Eastern European banks had lost hundreds of millions of U.S. dollars to hackers. The first new rule is to restrict […]
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