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Swedbank hack attack highlights pitfalls of digital economy

By NexChange
FinTech

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As Sweden forges ahead with its ambitions to become the world's first cashless society, a recent hack attack on Swedbank’s website offers a sobering reminder of the perils of a digital economy.

Finextra reports that the Swedbank site vanished from the web on Friday morning after the bank suffered its second distributed denial of services (DDoS) attack* in as many months.

Thankfully, the hack attack did not compromise the bank’s security or its assets. But it is a reminder that cybersecurity will have big role to play as Sweden tries to convince its citizens that digital money is safer.

For its part Swedebank seems largely unfazed by the episode with a spokesman saying:

"It is not the first time and it will probably not be the last one.”

*A DDoS attack is an attempt to make an online service unavailable by overwhelming it with traffic from multiple sources. Attackers build networks of infected computers, known as 'botnets', by spreading malicious software via emails and social networks.

Photo: Vincent Diamante

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