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I'm assuming the Bangladesh bank did not write their own software so these vulnerabilities must also exist at other banks on the SWIFT network. SWIFT is just a

I'm assuming the Bangladesh bank did not write their own software so these vulnerabilities must also exist at other banks on the SWIFT network. SWIFT is just a protocol but any bank who signs on to SWIFT must also have software which implements SWIFT and therefore is potentially vulnerable to similar attacks. I'm sure this prospect terrifies the banking industry but it cannot be explained away. These risks exist even for Western banks.

zhte415 11y ago
Indeed. However, that malware is indicated suggests this could be to lax local lock-down of PCs. Pretty common. International banks should be pretty locked-down, but no reason to be complacent. I imagine various regional and country heads of compliance are aware of this right now, or have been already. What is likely worrying local bank security managers is just how many VBA-type programs they're running as quick-fixes to operational problems that are vulnerable, the weak links. The number of hacked-together-at-the-weekend-bought-in-services in banking is astounding, especially in emerging markets. Yes, these hack/programs exist in established international corporate banks.
- ryanjshaw 11y ago
  From the description this sounds like a highly targeted attack on proprietary software the bank uses to manage payments. (Most large banks don't use SWIFT Alliance Access directly - instead they have numerous internal systems that will ultimately use SWIFT as the final step for certain payments.) I would be very surprised to learn this was not a result of somebody who worked at the bank.
- DanielDent 11y ago
  Once upon a time I did some work at a software firm which serviced financial institutions, including many very recognizable names. I came into work one day and a colleague had a piece of paper on his desk requesting that we not touch his machine. A macro was running which was switching between two open programs, highlighting fields, and copy and pasting data. I'm still not sure if I should be alarmed or in awe. It was probably the most sensible option of the available options...

zhte415 11y ago

Indeed. However, that malware is indicated suggests this could be to lax local lock-down of PCs. Pretty common. International banks should be pretty locked-down, but no reason to be complacent. I imagine various regional and country heads of compliance are aware of this right now, or have been already. What is likely worrying local bank security managers is just how many VBA-type programs they're running as quick-fixes to operational problems that are vulnerable, the weak links. The number of hacked-together-at-the-weekend-bought-in-services in banking is astounding, especially in emerging markets. Yes, these hack/programs exist in established international corporate banks.

ryanjshaw 11y ago
From the description this sounds like a highly targeted attack on proprietary software the bank uses to manage payments. (Most large banks don't use SWIFT Alliance Access directly - instead they have numerous internal systems that will ultimately use SWIFT as the final step for certain payments.) I would be very surprised to learn this was not a result of somebody who worked at the bank.
DanielDent 11y ago
Once upon a time I did some work at a software firm which serviced financial institutions, including many very recognizable names. I came into work one day and a colleague had a piece of paper on his desk requesting that we not touch his machine. A macro was running which was switching between two open programs, highlighting fields, and copy and pasting data. I'm still not sure if I should be alarmed or in awe. It was probably the most sensible option of the available options...