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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 rebates to its
owner-customers fell by 31 percent to 47 million euros ($53
million), following additional investments in security, the
co-operative said in its annual report published on Friday.
Chairman Yawar Shah said that Belgium-based SWIFT -- the Society
for Worldwide Interbank Financial Telecommunication -- had
linked management goals and incentives to security targets.
SWIFT, which was criticized by some former staff and customers
for failing to have spotted weaknesses in its customers'
operating practices, has expanded its security teams and
developed new tools to help clients monitor transactions and
spot anomalies.
Its ability to pre-empt attacks was limited by its customers’
historic failure to share information about hacks, SWIFT said.
SWIFT is operated as a service to all banks, so cash surpluses
are usually distributed to customers via rebates and ever-lower
prices, rather than via dividends.
Customers received no rebate for 2016. In 2015 the rebate was 33
million euros.
(Editing by Alexander Smith)
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