Daniel Jennings – Hackers now have the ability to bring down an entire bank by cyberattack, one of the world’s top banking officials is warning.
Gottfried Leibbrandt, the CEO of SWIFT (Society for Worldwide Interbank Financial Telecommunication), said major cyberattacks on banks in three different countries in the past year demonstrated that hackers now have the ability to completely wipe out a major financial institution. SWIFT is a money transfer network for the world’s banks.
“The banks were compromised, credentials to payment generation systems were obtained to send fraudulent payments, and the statements/confirmations from their counterparties were obfuscated,” Leibbrandt revealed at a conference in Brussels.
SWIFT previously had warned that the attacks are “part of a wider and highly adaptive campaign.”
Three attacks have him concerned: Continue reading