Sign up for our Technology Newsletter 
Swift To Focus More On Security
June 6, 2016 by admin
Filed under Around The Net
Comments Off on Swift To Focus More On Security
The SWIFT secure messaging service that underpins international banking announced that it will launch a new security program as it fights to rebuild its reputation in the wake of the Bangladesh Bank heist.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT)’s chief executive, Gottfried Leibbrandt, told a financial services conference in Brussels that SWIFT will launch a five-point plan later this week.
Banks send payment instructions to one another via SWIFT messages. In February, thieves hacked into the SWIFT system of the Bangladesh central bank, sending messages to the Federal Reserve Bank of New York allowing them to steal $81 million.
The attack follows a similar but little-noticed theft from Banco del Austro in Ecuador last year that netted thieves more than $12 million, and a previously undisclosed attack on Vietnam’s Tien Phong Bank that was not successful.
The crimes have dented the banking industry’s faith in SWIFT, a Belgium-based co-operative owned by its users.
The Bangladesh Bank hack was a “watershed event for the banking industry”, Leibbrandt said.
“There will be a before and an after Bangladesh. The Bangladesh fraud is not an isolated incident … this is a big deal. And it gets to the heart of banking.”
SWIFT wants banks to “drastically” improve information sharing, to toughen up security procedures around SWIFT and to increase their use of software that could spot fraudulent payments.
SWIFT will also provide tighter guidelines that auditors and regulators can use to assess whether banks’ SWIFT security procedures are good enough.
Leibbrandt again defended SWIFT’s role, saying the hacks happened primarily because of failures at users. “Many of the less protected banks are in countries were skills are really scarce,” he said, pointing the finger at providers of services to banks.
“We will have to create an ecosystem of providers and partners, for example by introducing certification requirements for third-party providers,” he said.
Courtesy-http://www.thegurureview.net/uncategorized/swift-to-implement-new-security-program-after-recent-hacking.html
Did Stuxnet Infect A Russian Nuclear Plant?
Comments Off on Did Stuxnet Infect A Russian Nuclear Plant?
Kaspersky has claimed that the infamous Stuxnet computer worm “badly infected” the internal network of an unnamed Russian nuclear plant after it caused chaos in Iran’s nuclear facilities.
Speaking at a keynote presentation given at the Canberra Press Club 2013, Kaspersky CEO Eugene Kaspersky said a staffer at the unnamed nuclear plant informed him of the infection.
“[The staffer said] their nuclear plant network which was disconnected from the internet was badly infected by Stuxnet,” Kaspersky said.
“So unfortunately these people who were responsible for offensive technologies, they recognise cyber weapons as an opportunity.”
Stuxnet was discovered to have spread throughout industrial software and equipment in 2010 and is believed to have been created by the United States and Israel to attack Iran’s nuclear facilities. According to Kaspersky’s source, the malware was carried into the Russian nuclear plant and installed on a physically separated “air-gapped” network.
Kaspersky also made a rather outlandish joke during his speech, saying that all data is subject to theft. “All the data is stolen,” Kaspersky said. “At least twice.”
“If the claim of the Russian nuclear plant infection is true, then it’s easy to imagine how this “collateral damage” could have turned into a very serious incident indeed, with obvious diplomatic repercussions,” said security expert Graham Cluley.
“There is no way to independently verify the claim, of course. But it is a fact that Stuxnet managed to infect many computer systems outside of its intended target in Iran,” Cluley added. “Indeed, the very fact that it spread out of control, was what lead to its discovery by security firms.”
Earlier this year, Symantec claimed that the Stuxnet computer worm could date back further than 2010 and was more widespread than originally believed.
Symantec’s report called “The Missing Link” found a build of the Stuxnet attack tool, dubbed Stuxnet 0.5, which it said dated back to 2005 and used different techniques to sabotage industrial facilities.
Is Alcatel-Lucent Running Low?
Alcatel-Lucent, which was the combination of Lucent and French network equipment provider Alcatel, has been going through a tough few years as it battles against rivals such as Huawei, Nokia Siemens and Ericsson. Now the firm has reportedly looked to investment bank Goldman Sachs for a loan in return for the firm putting up some of its assets as collateral.
According to Bloomberg’s sources, the amount of the loan has yet to be disclosed and the firm even mooted the prospect of selling assets including its undersea cable and enterprise businesses. The sources said discussions about the sale were still at an early stage and claimed neither asset could fetch more than €1bn, highlighting just how far the firm has fallen in recent years.
Alcatel-Lucent needs to sort out its balance sheet because the firm needs to service more than €2bn debt in the next three years. The company might have to look at its vast patents portfolio, though whether it might sell them or merely license them is not clear at this stage.
With Huawei and ZTE winning business away from European vendors such as Alcatel-Lucent and Nokia Siemens, it is not surprising that the firm is having to take drastic action in order to keep the lights on. However for Alcatel-Lucent it is a embarrassing situation for the firm.