Whenever I read an article, my father’s advice always comes to mind. Ask yourself who wanted the article written before thinking that the article is objective. The article about cyberattacks on worldwide banking is a case in point.
The Society of Worldwide Interbank Financial Telecommunications [SWIFT] has suffered from three successful cyberattacks. Given the trillions that go through the system the attacks were small, remote and isolated. In fact the network (which relies on mainframe non Internet connections) was not successfully attacked. Instead hackers in Bangladesh, Vietnam and Ecuador found end user computers they were able to use to penetrate the system.
The resulting fraud was direct point to point and not part of a network breach.
Now if I were SWIFT, I would want the article written to show the network is safe and secure.
If I were someone who wanted to replace swift
So I think this article was written by friends of SWIFT. However, I think this will be used by everyone looking to replace SWIFT with modern technology.
Block chain transactions are the bright shiny technology and has been successfully used to transfer monies internationally. Expect to see more about these alternatives written about as a result of this latest news.