Bank Negara foils attempted cyber attack

https://www.businesstimes.com.sg/government-economy/bank-negara-foils-attempted-cyber-attack

Malaysia’s central bank revealed that it has foiled major cyber-attack in which false messages were sent through the SWIFT. Fortunately, no transactions were made and nothing wrong happened. But it is the second cyber-attack on central bank worldwide. First one occurred in 2016 on Bangladesh Central Bank in which $ 81 billion was spent. Both incidents involve SWIFT transaction method. Who was behind the attack is still unknown. Even how they access the bank’s SWIFT server is not known currently but it has triggered the wave of enhancing security by the financial institution. All the financial institutions, similarly. Got concerned after Bangladesh central bank attack.

Bank Negara supervises 45 commercial banks but it has not revealed the details of a message which were done by hackers.  SWIFT also declined to comment on the matter but said its security system was definitely compromised.it shows that SWIFT platform is vulnerable to this kind of attacks. Some hackers reportedly stole 339.5 million rubles from Russian bank using SWIFT transaction method. There was no disturbance to other functions of the Malaysian Bank according to Bank authorities. The bank is conducting the investigation in collaboration with many local and international agencies.