How lack of SEAT training cost a bank KSH 8.1 Billion!
Heist of the Century
No guns, no kidnapping and no torture thats too old school. meticulous planning, attention to detail and a clue less bank employee is all it took for this heist to be successfull. Even though the thieves did manage to get $ 1 billion they were after, they still managed to steal over $ 80 million from the bank.
You can protect yourself and your organization by investing in some SEAT training, it cost less than Ksh 8.1 billion.
Watch this video, and for all of you working in the banking industry in East Africa, note that this is about to happen.
Training over Technology
From the video we can see that where the criminals had failed to achieve their goals there was always a sharp eyed human e.g the employee who recognized the spelling mistake, the other one who questioned why a tiny NGO was recieving such large amounts of money, these are well trained employees.
A machine was simply used to red flag most of the transactions because of a key word, they were put aside for human verification.
In conclusion, the SWIFT banking system to date is “un hackable” due to its military grade technology. For this very reason the hackers did not waste their time trying to hack it, they simply went for the weakest link in the SWIFT system, the user.
It does not matter how much you spend on technology to protect your organization, if the people using those systems are not trained, the technology is useless.