SWIFT Hacked Again: Are Centralized Networks Failing?
SWIFT has confirmed another breach to its system in a statement issued to SWIFT’s customers on May 13th, 2016. The attack was executed using malware that mirrored the first hit to the network that resulted in the theft of $81 million USD being stolen from Bangladesh’s central bank. Another Bank is Breached. This time around, the attack was made on a....
Related News
While some financial experts feel it is still too early something as significant as distributed ledgers, the question becomes how much longer they can afford to hold off on this inevitable change. The second SWIFT hack sheds an interesting light on permissioned systems and cybersecurity. Although no data has been hacked, the loss of money could have been prevented by using more modern technology, such as distributed ledgers as the one found in Bitcoin. Distributed Ledgers Vs. Archaic Centralized Systems. While it is commendable SWIFT representatives openly admit their network played a part....
Swift, the international settlement network which connects 11,000 global banks has likely been hacked according to a report by BAE Systems. “An unknown attacker gained access to the Bangladesh Bank’s (BB) SWIFT payment system and reportedly instructed an American bank to transfer money from BB’s account to accounts in The Philippines.” As part of a sophisticated attack, a malware was installed on a Swift Alliance software server to cover tracks and evade detection by manipulating the security measures. The attackers intended to transfer almost one billion dollars from Bangladesh Bank’s....
Taylor Swift is the latest celebrity victim to have her social media accounts hacked by the Lizard Squad, a black hat hacking group known for their claims of DDoS attacks on unsuspecting figures. After allegedly hijacking Swift's Twitter and Instagram accounts, the group is claiming to have obtained nude photos of the renowned pop star, and says they will release the photos for the public's viewing pleasure if they do not receive their stated ransom in, you guessed it... Bitcoin... These last several months have witnessed a number of young starlets falling victim to attacks like these.....
The bank messaging service, which dates back to the 1970s, is looking to connect CBDCs to each other and to traditional currencies as it tries to stay up to date. The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, the Belgian financial messaging network used by banks in international money transfers, announced Thursday that it is teaming up with French IT company Capgemini to conduct experiments with cross-border central bank digital currency (CBDC) payments. This is SWIFT’s second research project on CBDC.SWIFT and Capgemini are testing ways to link multiple CBDC....
As security of cryptocurrency exchanges is being increasingly questioned in the wake of the recent Bitfinex hack, the developers at Blocknet are calling for an exodus to leave centralized exchanges behind. ‘It’s Time to Remedy the Problem’ – Blocknet. This year there has been quite a few breaches of cryptocurrency exchanges. Platforms such as Gatecoin,....