Swedbank’s Swedish website suffers hack attack

Swedbank’s Swedish website went down last Friday after being hacked.


Swedbank

Customers were unable to log in, and carry out online transactions or contact the bank online, says Swedbank spokesman Claes Warren, who was speaking to Reuters last week.

Reports in the media varied about the availability of services.

The Register said last week: ‘Customers can access their online accounts through a specific URL but are unable to transact with the bank through its website.’

According to Radio Sweden, the bank’s homepage was working again around 9pm (local time) on Friday, having been down for more than nine hours.

But Radio Sweden says: ‘All other bank functions worked normally while the site was down’.

Warren told Radio Sweden on Friday morning: ‘Someone is flooding our website with data so that it can’t be reached by others [and the bank has a] good idea of the perpetrator’s identity’.

‘The name [of the perpetrator] is quite well known in the hacker community,’ Warren says.

The bank’s website was also attacked by a hacker in October.

‘It is not the first time and it will probably not be the last one,’ Warren says.

At the time of writing, the Swedish website is now working. The bank’s website in the Baltic countries was not affected by the attack.

Within Sweden, Swedbank is a long-standing user of Tieto’s Core Banking System (formerly Proretail).

The vendor took several years on the selection process, and the planning stage took a long while as well.

The bank says there were a number of gaps between its requirements of the core banking suite, so there was a fair amount of joint development work.

Its legacy system had been around for a fair while, originally emerging from a development in the late 1980s at a Norwegian service bureau, IDA, which became Provida. The Ementor business was acquired by Tieto (Tietoenator at the time) in early 2002.

The project began in the same year and Swedbank signed an agreement with Tieto in 2003 that effectively made the supplier the main core system partner of the bank.

The system went live in phases through 2005 and 2006. Across Swedbank and the savings banks there were 12 million accounts, so the phasing out of the old systems was a gradual one according to CIO (interim) Christer Cragnell at the time.

Payments software

Swedbank has been on the payments modernisation path for a number of years. At the its heart, it has Fundtech’s (now D+H’s Global Transaction Banking Solution) Global Payplus (GPP) platform. The project spans both high-value and high-volume payments, domestic and cross-border.

This is actually Swedbank’s fourth attempt to replace its legacy payments platforms.

Source: https://ibsintelligence.com/swedbanks-swedish-website-suffers-hack-attack/

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