Does Adding a Label Make Us More Secure?

When hackers recently breached the computer systems of the Bangladesh Central Bank and tried to steal nearly $1 billion from its account at the Federal Reserve Bank of New York, cyber security professionals gave it a now all too familiar label  – that of an Advanced Persistent Threat (APT). Most of the attempted money transfer was blocked, but $81 million went missing – one of the largest cyber thefts in history.

The label was well placed as the heist had all the hallmarks of an APT. Forensics experts hired by the Bangladesh Bank indicated that attackers infiltrated the bank’s network and stole credentials for sending messages on the SWIFT international money transfer system. Following the hack, SWIFT advised the more than 3,000 global financial institutions in its network to make sure they are following recommended security practices.