Costs of bank cyber thefts hit SWIFT profit last year

The treatment of cyber hacks on banks last year benefited from the SWIFT messaging system, which financial institutions use to move billions of dollars each day.

Hackers stole $ 81 million from the Bangladesh central bank in February last year after reaching its SWIFT terminal and the emergence of other successful and unsuccessful hacks Pushed the faith into a system previously considered totally secure.

Despite this, traffic increased over the network last year, reaching a peak of all time in June of more than 30 million messages.

SWIFT's pre-tax profit and discounts to its homeowners decreased 31% to 47 million euros ($ 53 million), as a result of additional investments in security, the co-op said in a statement. Its annual report released on Friday.

The president, Yawar Shah, said that the company based in Belgium SWIFT – the Society for Worldwide Interbank Financial Telecommunication – had linked management objectives and incentives to security objectives.

SWIFT, which has been criticized by some former employees and customers for lacking weaknesses in its customers' operating practices, has expanded its security teams and developed new tools to help customers monitor Transactions and identify anomalies.

Its ability to preempt attacks was limited by the historical failure of its customers to share information about hacks, said SWIFT.

SWIFT is used as a service for all banks, so that cash surpluses are usually distributed to customers via discounts and always lower prices rather than via dividends. Customers received no refunds for 2016. By 2015, the refund was 33 million euros.

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