Big Finance in Big Trouble

22/08/2018 17:02:26
Cyber-Criminals Targeting Large Finance Directly

2017 saw a significant increase in the number of cyber-attacks on banks, casinos and many other types of financial organizations, as hackers began targeting cross-border, SWIFT, infrastructure, e-money systems and cryptocurrency exchanges in earnest with quite a bit of success!

In early 2017, an Eastern European bank lost roughly $100 million in a coordinated attack on a banks card processing systems, antifraud systems and ATMs. 
In mid 2017, hackers attacked the Far Eastern International Bank in Taiwan, making transfers of roughly $60 million to accounts in Cambodia, Sri Lanka, and the U.S. 
Nepalese Banks were attacked over a holiday closure in 2017 manipulating the SWIFT system to withdraw $4 million. 
Cyber criminals attacked interbank transfer and card processing systems at several banks in the U.S. and Russia, stealing around $1.5 million in early 2017. 
$100 thousand was stolen from Russian bank Globex, in a SWIFT attack campaign in December 2017. 
In August  2018, hackers targeting Cosmos Bank in an ATM and SWIFT attack in India and stole $13.5 million dollars (944 million rupees) in 14,849 simultaneous transactions spread out over 28 countries. 
City Union Bank Ltd. was hit in February 2018 for nearly $2 million.
In 2016 $81 million was stolen from the Bangladesh Central Bank’s account housed in the Federal Reserve Bank of New York. 

Sangfor NGAF & IAM are network security powerhouses when deployed in banking headquarters and have been listed in the Gardner Magic Quadrant for many consecutive years. With Sangfor NGAF employing AI and deep learning for its malware detection and prevention innovations such as Neural-X & Engine Zero, Sangfor keeps your work environment safe and secure from all threats, known and unknown. It also provides extensive risk assessment capabilities and service-level security reporting, securing O&M and significantly reducing security risks across the board

Deploying Sangfor IAM gives you superior internet access control with professional bandwidth management, application control, URL filter, traffic & information control, illegal hotspot/proxy control, behavior analysis and wireless network management.  

Deployment of Sangfor WANO in a financial institution reduces traffic and optimizes management while achieving link optimization, application acceleration and enhancing the overall access performance of both HQ and more remote branches. 

SSL VPN and two-factor authentication secure remote access by securing the data security of end-users while providing intelligent routing, protocol optimization and stream buffer capabilities. 

True network security is a difficult thing to achieve, but Sangfor NGAF, used in conjunction with Sangfor IAM, WANO and SSL VPN, takes financial network security to a whole new level.

About Sangfor
Founded in 2000 and a publicly traded company as of 2018 (SANGFOR STOCK CODE: 300454 (CH)) Sangfor Technologies is the global leading vendor of IT infrastructure solutions specializing in Cloud Computing and Network Security. Sangfor has more than 700 customers in the financial industry and has become a mainstream security and optimization solution provider for big financial institutions like China Construction Bank, Bank of Communications Vietnam, Tai Fung Bank or the financial powerhouse UnionPay. For more information about how Sangfor can keep your financial institution, please visit our website

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