Smaller Swift-Connected Ukrainian Bank Targeted By Hackers

People who have been following the news may have heard the Ukraine central bank has been targeted in a cyber attack. As it turns out, officials issued a hacking alert in April of 2016. Similarly to what has happened with the Bank of Bangladesh, the Ukraine central bank was targeted to move money over the Swift network.

Another Bank Heist Attempt

TheMerkle_Hacking Ukraine Bank Swift

There are a few different types of hacks which seem to be more common every week. Data breaches are one type, and the other is banks around the world getting hacked. Interestingly enough, the Ukraine central bank is a member of the Swift network. It appears assailants targeted this “smaller” bank to move funds over the Swift protocol.

The official hacking alert was sent out on April 28, 2016, warning lenders in the country to review security procedures. Although it is not certain the hackers managed to steal any funds; they certainly attempted to do so. The Ukraine central bank issued a country-wide warning regarding a smaller bank being targeted by hackers.

According to Dark Reading, it appears the smaller bank was compromised so hackers could access toe Swift messaging system. These reports are not confirmed at this time, though. Moreover, there is no indication as to how much money the hackers tried to move over the Swift network.

For the time being, the targeted Ukrainian bank has not been named in any official reports. One thing is certain, though: hackers will not relent these attacks until all Swift-connected banks implement proper security measures. It is interesting how the assailants keep targeting these smaller institutions to access the Swift network, as the latter one seems to be impenetrable through a direct attack.

This is a very worrisome trend for everyone in the world who is using a bank account. It is impossible to predict where hackers might try to strike next. Even though financial institutions are on high alert, social engineering attacks can still be executed successfully. The banking system is under threat, and inadequate cyber protection will push more people towards Bitcoin and other alternative solutions.

Images credit 1,2

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