SWIFT implements new security to stop cyber attacks as hackers make millions

By: Costea Lestoc
2 minute read

SWIFT is a system that operates as a means of communication between banks and financial entities around the globe. Lately, SWIFT has been the target of massive cyber attacks that has resulted in the theft of more than $100 million, which has led the people in charge to take action and implement new security measures to prevent further damage. For this, they have contracted TrapX, a company that provides security on a cyber level.

TrapX officials have stated that the attacks on SWIFT are proof of how much knowledge hackers have since they were able to tap into the SWIFT systems with detailed information regarding banking operations. According to TrapX, the hackers also had advanced tools at their disposal that guaranteed their success in pulling off these robberies. The implementation of TrapX security to SWIFT is not the security company’s first venture into the banking world as they have already been offering their services for the protection of ATM networks and online banking servers.

For those interested in how more than $100 million can go missing, the hackers used a backdoor which ultimately permitted them access to authentication information. They used this information to give themselves permissions within the SWIFT mainframe they could exploit and use to compromise the banking networks.

On October 27th, there will be a free webinar people can attend on the TrapX website in order to learn more about the DeceptionGrid security systems the company will be using to protect SWIFT. What this system does is create multiple fake leads which attackers follow, giving them the illusion of an unguarded SWIFT. What really is happening, though, are a series smart traps that collect information about the attackers, which ends up in a detailed report. The report is then sent to security teams along with an alarm their system is being infiltrated.

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