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2845 - Far Eastern International Bank News Story

TWD10.85 0.0  0.0%

Last Trade - 27/11/20

Sector
Financials
Size
Mid Cap
Market Cap £983.0m
Enterprise Value £1.12bn
Revenue £343.6m
Position in Universe 728th / 5954

UPDATE 1-Taiwan's Far Eastern Int'l fined T$8 mln over SWIFT hacking incident

Tue 12th December, 2017 10:49am
* Bank discovered in Oct its SWIFT system was hacked - FSC 
    * Bank lost $60.1 mln in funds, most recovered - FSC 
    * Final amount lost by bank was up to $160,000 - FSC 
 
 (Adds details from regulator's statement) 
    TAIPEI, Dec 12 (Reuters) - Taiwan's financial regulator said 
on Tuesday it had fined Far Eastern International Bank  2845.TW  
T$8 million ($266,524) due to deficiencies related to its SWIFT 
system hacking incident.  
    In October, Taiwan local media reported that hackers sought 
to steal some $60 million from Far Eastern Bank, and all but 
$500,000 had been recovered by the bank.  
    Also in October, a cyber-security firm BAE Systems Plc 
 BAES.L  said that a North Korean hacking group was likely 
responsible for a recent cyber heist in Taiwan.  
    The financial regulator said that in early October, Far 
Eastern Bank discovered that its system was infected by a 
computer virus and that its SWIFT system was hacked, resulting 
in sham transactions that sent out funds. 
    According to Far Eastern Bank's investigation, the bank lost 
about $60.1 million in funds, but subsequently recovered much of 
the amount, the Financial Supervisory Commission (FSC) said in 
its statement.   
    The final amount lost by Far Eastern Bank was up to 
$160,000, the regulator added. 
    Both the bank's own stated views and the regulator's 
investigation showed that in this bank's case its information 
security defense system was not completely sound, account 
management was inappropriate, and that the bank had not 
strengthened its SWIFT safety system, the regulator said.  
    For the above reasons, and related ones, it said that Far 
Eastern Bank had not ensured its internal control system for 
information security and as a result violated a clause in 
Taiwan's banking law.  
    Far Eastern Bank did not immediately respond to a request 
for comment.  
    Last month, SWIFT, the global messaging system used to move 
trillions of dollars each day, warned that the threat of digital 
heists is rising as hackers adopt increasingly sophisticated 
tools and techniques.  urn:newsml:reuters.com:*:nL1N1NY24O  
    Taiwan's financial regulator has already ordered Far Eastern 
Bank to raise the level of its information security unit, 
increase its number of information security personnel and 
strengthen its information security risk awareness system.  
    The regulator also said that it would work to improve its 
information security regulatory system, and invite the 
participation of outside experts.  
($1 = 30.0160 Taiwan dollars) 
 
 (Reporting By Emily Chan; Writing by Jess Macy Yu; Editing by 
Muralikumar Anantharaman) 
 ((annemarie.roantree@thomsonreuters.com; +852 97387151; Reuters 
Messaging: annemarie.roantree.thomsonreuters.com@reuters.net)) 
 
Keywords: FAR EASTERN FINE/
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