Cyber Threat to SWIFT Banking System

    The ongoing war of Russia on Ukraine is fetching many troubles to the financial sector, as most of the internationally recognized banks predict a severe cyber threat to SWIFT, the global payments messaging system in the coming weekend.

    As VTB and Promsvyazbank, the two biggest banks in Russia have withdrawn from the funding of the Russian war, Moscow is thinking to give a befitting reply to the west by launching sophisticated attacks on the SWIFT payments system that could lead to a financial disaster across the globe.

    Information is out that Sberbank and Gazprombank that facilitate most of the funding from the west to Russia on oil and gas are finding it difficult to fund their administration as most of the expenses are met by processing international transactions.

    Banks meeting the international transaction standards have been put on a high alert and asked to bolster their defensive line by fixing any loopholes.

    Brussels-based SWIFT banking system that supervises financial transactions of its members and G10 central banks has issued a public statement that it has to take all necessary security measures to keep its banking system safe from state-funded hackers. And launched a program early this month to assist its members in keeping their IT infrastructure safe from attacks and share information with each other, if any.

    FBI has also issued a special alert on this note saying cryptocurrency exchanges and those offering e-wallet services to store cryptocurrency should be extra cautious as Kremlin can attack such institutions to steal money to fund their war ambitions in Ukraine.

     

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    Naveen Goud
    Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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