Cyber Attack with the Swift Server in Nepal being compromised

It has been confirmed that Hackers made it out with about $4.4 million to various international accounts of Britain, China, Japan, Singapore and the United States From NIC Asia Bank. After the cyber attack the Bank  had requested the central bank to correspond to concerned countries where the payment orders were placed to put the payment order on hold citing the SWIFT system.

The  fraudulent transfers were made from Kathmandu-based NIC Asia Bank during the  Deepawali festival holidays. According to Central Bank  most of the funds that was transferred has been stopped  or withheld for further processing and international forensic investigation team has been hired to solve the case.

Security experts have said, ” Nepal is more vulnerable in absence of proper policies, capacity building  and monitoring mechanism. The Bank have to be very prompt and need to work as per specific standards and norms. Failing to address the issues result in gaps where cyber attacks are more visible. ”

SWIFT or the Society for Worldwide Interbank Financial Telecommunication is a co-operative owned by its user banks.

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