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Bangladesh Bank hack reveals vulnerabilities in modern finance software, security processes, and models; are you confident in your financial firm’s security?

June 03, 2016

It’s now widely known that gaps in how banks handle SWIFT transactions, security processes around employee, staff and vendor validation, and a failure to update their trust model to protect against modern hacking methods has led to massive financial losses around the world, including:

  • Bangladesh central bank lost $81M
  • Ecuadoran bank Banco del Austro SA lost $12M
  • Tien Phong Bank, Vietnam $1M
  • Further losses at other SWIFT institutions

What’s more, the flaws that hackers exploited weren’t just software-based vulnerabilities in SWIFT– they fundamentally took advantage of the trust model that all SWIFT organizations all the world share. This flawed model has led to numerous similar incidents around the globe in recent years, including:

  • Hackers exploited the trust that discount retail giant Targethad in their HVAC vendor, allowing them to conduct extensive credit card fraud
  • Two former employees — that were improperly processed when terminated –broke into a Pittsburgh, PA law firm to steal sensitive documents for Anonymous
  • China-based hackers infected BHP Billiton Ltdand Canadian law firms to gain insider details on the Potash Corp buyout
  • Austrian aircraft parts CEO fired after whaling attack steals €40 million

Contact Brainlink at (917) 685-7731 or raj@brainlink.com today to learn more about how a comprehensive security assessment could help you identify and address the vulnerabilities in your IT infrastructure.

SEC Chair Mary Jo White recently said that cyber security is the biggest risk to the financial system, and it’s no wonder why; outdated software and models for security have opened up the global financial industry to a never-ending stream of monetary and informational theft.

SWIFT’s ubiquity in the financial sector is worrying, given that it’s 42-year-old security architecture hasn’t clearly can’t keep up with modern advances in hacking techniques. Can the same be said of the security practices that your firm uses? If you’re not sure, contact Brainlink to conduct a thorough security assessment.

Why Choose Brainlink?

The Brainlink team of IT security experts understands that many firms like yours are often unknowingly operating on outdated security models. We’ll assess your system from top to bottom to determine any opportunities for improvement so that you can enjoy a genuine peace of mind when it comes to protecting your clients’ financial assets and sensitive information.

Not convinced? Learn more about Brainlink and our founder Raj Goel’s work in cybersecurity as a trusted expert and thought leader:

Don’t let an outdated security culture leave your business vulnerable to hackers around the world! Schedule your security assessment today by getting in touch with Brainlink at (917) 685-7731 or raj@brainlink.com.

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