23 June 2017
Visit cib.db.com

Turkey's Akbank facing $4m liability after hack

16 December 2016  |  13446 views  |  0 Cyber Crime, Swift

One of Turkey's largest banks could be liable for up to £4 million after suffering a cyber attack on the SWIFT global money transfer system, according to Reuters.

Despite the potential liability, Akbank insists that no customer information was compromised, although it is unclear exactly whether any funds were stolen.

What is clear is that  banks connected to Swift's system are being increasingly targeted by hackers, following the theft of $81 million from the Bangladesh central bank.

Swift has promised to name and shame banks that fall short of new security standards to plans to introduce in early 2017.

In an emailed statement, Akbank disclosed that the breach took place on December 8th and that it had taken immediate steps to secure its systems. "This has no impact on Akbank's operations or financials," said the bank, adding that any potential losses would be covered by insurance.

Swift also released a statement saying that it had "no indication that our network and core messaging services have been compromised".

 

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Swift to 'name and shame' banks who fail to meet security standards

Swift to 'name and shame' banks who fail to meet security standards

28 September 2016  |  7475 views  |  1 comments | 16 tweets | 22 linkedin
Swift unveils tool to help banks spot fraudulent transfers

Swift unveils tool to help banks spot fraudulent transfers

20 September 2016  |  6849 views  |  3 comments | 10 tweets | 7 linkedin
Swift presses banks on security as more hacks surface

Swift presses banks on security as more hacks surface

31 August 2016  |  8042 views  |  0 comments | 20 tweets | 30 linkedin
Swift calls in outside help to shore up cyber defences

Swift calls in outside help to shore up cyber defences

11 July 2016  |  6462 views  |  0 comments | 7 tweets | 17 linkedin
Swift to review strategy in wake of cyber attacks

Swift to review strategy in wake of cyber attacks

03 June 2016  |  12191 views  |  4 comments | 19 tweets | 24 linkedin
As details of third attack emerge, Swift calls on banks to report hacks

As details of third attack emerge, Swift calls on banks to report hacks

20 May 2016  |  7600 views  |  0 comments | 17 tweets | 10 linkedin
Swift warns of second victim of bank hackers

Swift warns of second victim of bank hackers

13 May 2016  |  11199 views  |  5 comments | 11 tweets | 20 linkedin
Swift confirms multiple cases of fraudulent message traffic

Swift confirms multiple cases of fraudulent message traffic

26 April 2016  |  7449 views  |  2 comments | 5 tweets | 18 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit wavestone-advisors.co.ukvisit www.www.fisglobal.comvisit www.finastra.com

Top topics

Most viewed Most shared
Santander's Openbank relaunched as 100% digital bankSantander's Openbank relaunched as 100% di...
15905 views comments | 48 tweets | 61 linkedin
Worldpay pilots app-only mPOS for small retailersWorldpay pilots app-only mPOS for small re...
8429 views comments | 17 tweets | 26 linkedin
Live: EBAday 2017, day twoLive: EBAday 2017, day two
8047 views comments | 4 tweets | 5 linkedin
UK banks will need to change one million sort codes under ring-fencing rulesUK banks will need to change one million s...
7427 views comments | 8 tweets | 25 linkedin
Live: EBAday 2017, day oneLive: EBAday 2017, day one
7413 views comments | 3 tweets | 4 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job