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Turkey's Akbank facing $4m liability after hack

16 December 2016  |  13244 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".

 

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