Hackers had sent fraudulent payment instructions on the messaging network, Society for Worldwide Interbank Financial Telecommunication (SWIFT), used by the banks. On Monday, they announced its new defense against hackers.
SWIFT said that they hired two outside cyber security firms, BAE Systems and Fox-IT, to reinforce in-house expertise, and has set up a team to share cyber defense "best practice" among its customers.
In February, Bangladesh central bank's interface was hacked by thieves using SWIFT's network, which is a pipeline for transferring funds and the backbone of international finance.
According to the reports, hackers sent payment instructions to the Federal Reserve Bank of New York, telling it to transfer $951 million from Bank Bangladesh's account to accounts in the Philippines. However, most of the transactions were blocked but four went through, amounting to $81 million that remains missing.
SWIFT, a Belgium-based co-operative owned by its users, had already unveiled measures to tighten up security.
SWIFT Chief Technology Officer Craig Young said, " Information from banks that have been subject to fraud attempts was crucial for identifying new malware."
"We therefore continue to remind customers that they are obliged to inform SWIFT of such incidents as soon as possible, and to proactively share all relevant information with us so we can assist all SWIFT users," Young said in a statement.
The company said that, "In addition SWIFT has published an inventory containing some of the specific malware used in reported attacks, as well as indicators of compromise (IoCs) that SWIFT has developed to assist other customers in detecting threats operating in their environments."
SWIFT said that they hired two outside cyber security firms, BAE Systems and Fox-IT, to reinforce in-house expertise, and has set up a team to share cyber defense "best practice" among its customers.
In February, Bangladesh central bank's interface was hacked by thieves using SWIFT's network, which is a pipeline for transferring funds and the backbone of international finance.
According to the reports, hackers sent payment instructions to the Federal Reserve Bank of New York, telling it to transfer $951 million from Bank Bangladesh's account to accounts in the Philippines. However, most of the transactions were blocked but four went through, amounting to $81 million that remains missing.
SWIFT, a Belgium-based co-operative owned by its users, had already unveiled measures to tighten up security.
SWIFT Chief Technology Officer Craig Young said, " Information from banks that have been subject to fraud attempts was crucial for identifying new malware."
"We therefore continue to remind customers that they are obliged to inform SWIFT of such incidents as soon as possible, and to proactively share all relevant information with us so we can assist all SWIFT users," Young said in a statement.
The company said that, "In addition SWIFT has published an inventory containing some of the specific malware used in reported attacks, as well as indicators of compromise (IoCs) that SWIFT has developed to assist other customers in detecting threats operating in their environments."