Cosmos Bank in India recently had $13.5 million siphoned off by hackers linked to the Lazarus Group in North Korea. They exploited and succeeded in compromising two of the bank's payment systems – the ATM Switch and the SWIFT payments system. The group is also alleged to have orchestrated the $81 million cyber heist at Bangladesh Bank by siphoning off SWIFT payments from the bank's Federal Reserve account. These attacks emphasize the need for layered fraud defences and controls that effectively mitigate such risks going forward. As the adage says: "There is no silver bullet!"
Sep-17-2018, 13:31:11 GMT