Bangladesh Bank Heist: What we Learned

As a report published, $81 million Bank heist was connected to custom scripted malware attack compromise SWIFT Software used to transfer cash volume.  But the more critical issue, financial fraud experts say, is that banks need better security control to detect and prevent network intrusions.

SWIFT is in  Action

Next steps toward meeting the SWIFT 2020 and 2021 CSP requirements

    Assess your SWIFT BIC code footprint and determine your 2020 and 2021 obligations for independent reporting,  and whether your organization is prepared to perform an independent assessment in 2020 or wait until 2021.
    Analyze and select your independent assessment team, considering synergy with existing controls reporting obligations for an efficient approach.
    Plan for the independent assessment, considering a preliminary assessment to enable success in advance of the 2021 requirements.

To be successful, organizations should take a thoughtful approach, requiring collaboration and strong leadership across the organization, as well as a constant focus on improving cybersecurity controls to meet new requirements.

Author: SWIFT Security Team, DeshCyber
December 02, 2020

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