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Banks to Tighten Cyber Security
World Economy

Banks to Tighten Cyber Security

Singapore’s central bank has asked banks to maintain a high level of security for their critical IT systems following recent cyber attacks using the SWIFT financial messaging system, Reuters reported. In the Philippines, the central bank was crafting more regulations to help banks and other financial institutions fend off cyber heists and minimize damage after any systems breach, a senior official said. The actions come after Vietnam’s Tien Phong Bank said earlier this week it had interrupted an attempted cyber heist that involved the use of fraudulent SWIFT messages, the same technique at the heart of February’s massive theft from the Bangladesh central bank.

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