“SWIFT is responsible for the heist of Bangladesh Bank as it approached the central bank for the installation of RTGS real time gross settlement,” Farashuddin said. Bangladeshi police and a bank official said earlier this month that the central bank became more vulnerable to hackers when technicians from SWIFT connected the new bank transaction system to SWIFT messaging three months before the cyber theft. “We have shown that SWIFT made a number of errors that made it easy for the hackers,” Mohammed Farashuddin, a former governor of the Bangladeshi central bank, told reporters. The local Daily Star newspaper quoted Farashuddin as saying that SWIFT failed to implement 13 security measures in the installation of the system. In a letter to users dated 3 May, SWIFT told its bank customers that they were responsible for securing computers used to send messages over its network.

Source: Mint May 15, 2016 12:22 UTC