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Costs of bank cyber thefts hit SWIFT profit last year

SWIFT's 2016 profit before tax and rebates to its owner-customers fell by 31% to €47 million

Tom Bergin  |  London 

Dealing with cyber hacks on banks ate into profit last year at the SWIFT messaging system, which financial institutions use to move trillions of dollars each day.   Hackers stole $81 million from the Bangladesh central bank in February last year after gaining access to its SWIFT terminal and the emergence of other successful and unsuccessful hacks rocked faith in a system previously seen as totally secure. Despite this, traffic increased on the network last year, hitting an all time peak in June of over 30 million messages.   SWIFT’s 2016 profit before tax and ...

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First Published: Sat, June 10 2017. 16:43 IST