When asked by a reporter why he robbed banks, infamous bank robber Willie Sutton reportedly replied, “because that is where the money is.”
Though bank robbing tactics may have drastically changed in today’s digital age, Sutton’s logic is still very much alive today; hackers around the globe are increasingly ramping up their cyberattacks on banking and financial institutions. In fact, SWIFT, the global financial messaging system, recently announced a series of new hacking attacks since a high-profile heist in Bangladesh last year netted cyber thieves $80 million. Experts have suggested the attackers exploited the Bangladesh central bank’s lax banking procedures and weak security system, and, in an effort to counter such attacks, SWIFT has begun pressuring member institutions to install the latest version of its security software. It remains to be seen if banks will comply with such procedures - no doubt, at the consumers’ expense.