Cybersecurity
Hackers Now Have Incredibly Sophisticated Ways to Breach Banks' Defenses
- Threat has increased rapidly in past 18 months, report says
- SWIFT and BAE Systems say banks must build ‘in-depth’ defenses
Photographer: Andrey Rudakov/Bloomberg
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Global banks need to do more to protect themselves from cyberattacks after a "significant evolution" in the threat level in the last 18 months, according to the SWIFT global payments network.
Hackers are deploying increasingly sophisticated ways of breaching banks’ cyber defenses to launch finely orchestrated attacks, SWIFT said in a report co-written with defense contractor BAE Systems. Intruders can spend more than a year reconnoitering targets once they have gained access to their computer systems, the report said.