Bank Robbery 2.0: SWIFT Issues Cybersecurity Warning Following Bangladesh Central Bank Theft

In the wake of a cyberattack in which over $850 million worth of transactions were affected and which implicated the security measures of major banking institutions on several continents, banks were reminded to review and follow their security measures. While Canadian financial institutions were not directly affected, the event (and the subsequent warning) serves as a reminder of the increasing sophistication and speed of hackers. While recommended threat sharing may prove valuable to thwart such attacks, the Canadian Privacy Commissioner has signaled that it will be scrutinizing such information sharing efforts to ensure they don't run afoul of Canada's privacy legislation.

In a February 2016 heist, hackers stole over $100 million from the Bangladesh central bank's account at the Federal Reserve Bank of New York. After a reconnaissance phase in which the hackers remotely monitored central bank activity, the hackers were then able to pose as Bangladeshi officials and