The financial sector faces many different attacks these days. Cyberattacks are the more worrisome trend which continues to evolve. Banco de Chile found that out the hard way, as the ban lost $10m. The exact circumstances regarding this theft remain unclear, albeit it seems a form of disk-wiping malware is involved.

Banks are ill-equipped to deal with serious cyberattacks. Even in this day and age, they do not allocate sufficient resources to beefing up cybersecurity altogether. Banco de Chile fell victim to a malware attack which caused a lot of internal chaos. So much even that thieves could steal $10m in funds without being detected.

KillDisk as a Distraction

It is evident this development raises a lot of questions. First of all, the malware in question is known as KillDisk. It has seemingly wiped various hard drives of computer and servers belonging to the bank. Recovering from such a problem is relatively easy, assuming the proper backups have been made accordingly.

Even so, it appears this malware attack was a mere distraction. It succeeded in causing a panic at Banco de Chile in quick succession. While the bank was determined to solve this problem, thieves effectively took the time to steal $10m in funds. This money was stolen as the criminals gained access to the bank’s systems which are connected to the local Swift network.

For the time being, it remains unclear who is behind this cyberattack. It seems legal action will be taken against a correspondent in Hong Kong to retrieve the missing funds. Whether or not that will be a futile effort, remains to be seen. It will not be the last time a bank suffers from a heist due to a malware attack, that much is evident.

Header image courtesy of Shutterstock


About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

Leave A Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.