Ukrainian bank loses $10m in cyber heist

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Not long after hackers stole $81 million from Bangladesh Bank as part of an attempted $951 million cyber heist in February, an unnamed Ukranian bank has fallen victim to a similar vulnerability, according to the KyivPost.

The cyber thieves exploited flaws in the SWIFT network that oversees transactions between financial institutions. The exact amount stolen hasn’t been disclosed, but is said to be around $10 million.

The total damages however might be much worse, as it’s likely other banks in the Ukraine have also been compromised.

According to the Information Systems Audit and Control Association (ISACA), the information security company hired to investigate, dozens of banks have been breached already. The real size of the attack could amount to hundreds of millions.

ISACA also says such heists take months to complete because the hackers monitor the bank’s internal controls and procedures to learn how to avoid getting caught.

The news comes after several breaches in the SWIFT system over the last few months, leading many to call for renewed attention to its protective measures.

As far as the Bangladesh Bank robbery is concerned, it was revealed the attack was possible in part due to poor security standards – which Ukrainian banks have also been criticised for.

SOURCE: TheNextWeb.com.

Larry Banks is a keen follower of technology and finance. He has worked for a variety of online publications, writing about a diverse range of topics including mobile networks, patents, and Internet video delivery technologies.