With the financial ecosystem on the proverbial brink of collapsing, there is a growing concern among banking industry experts. Not about the imminent collapse itself, though, but how hackers can easily attack the global financial system.
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A Threat to The Archaic Global Financial System
Although hackers attempting to steal funds is not particularly new in the world of modern finance, the number of attacks seems to be increasing at an alarming rate. There is growing concern among the banking elite of the world now that the SWIFT network has been abused not once, but twice by hackers in a few months time.
While both attacks were directed at smaller banks, a lot of money has been stolen during these intrusions. Lacklustre bank security, combined with an archaic legacy system, create a welcome target for hackers and other Internet criminals looking to take advantage of the financial system.
But that is not all, as banks are frustrated by the seemingly futile efforts of fighting hackers. Bigger institutions spend millions of dollars on security, whereas their smaller counterparts do not have such