Hong Kong launches fresh plan to fortify cyber security after SWIFT heist


May 19, 2016

Hong Kong’s central bank has a launched a new program to strengthen lenders’ ability to protect their critical technology systems after recent attacks by unidentified groups on a global messaging system used by the financial community. The Hong Kong Monetary Authority’s latest measure, known as the “Cybersecurity Fortification Initiative (CFI),” plans to raise the level of cybersecurity at banks in Hong Kong through a three-pronged approach and follows similar steps taken by its counterparts from London to Vietnam.

The FBI, authorities in Dhaka and private forensic experts are investigating the February cyber heist in Bangladesh where thieves raided a central bank account kept at the Federal Reserve Bank of New York, stealing $81 million. They installed malware inside the bank’s Dhaka headquarters that hid traces of their attack in a bid to delay discovery so they could access the funds, according to police and private security firms.

Read full story…