Know What's Happening in Banking

10 Years Later, Bangladesh Bank Cyberheist Still Offers Cyber-Resiliency Lessons

A decade after the Bangladesh Bank heist, the 2016 cyberattack that attempted to steal $951 million via the SWIFT network remains a benchmark for nation‑state hacking. Attackers used spear‑phishing malware to obtain valid SWIFT credentials, executing 35 fraudulent payment orders, of which five succeeded, siphoning $81 million to the Philippines. The breach exposed critical security gaps—no air‑gap, weak authentication, and reliance on manual logs—prompting SWIFT to launch its Customer Security Programme. Since then, the same threat actors have shifted focus to cryptocurrency platforms, exploiting similar workflow trust weaknesses.