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SWIFT's profit declines more than 30% following cyber attacks on banks


Belgium-based financial messaging service firm Society for Worldwide Interbank Financial Telecommunication SCRL (SWIFT) said that its net income dropped nearly a third after having to invest in boosting cyber security after hacks on banks had rocked faith in its system, The Financial Express reported. Financial institutions use the SWIFT messaging system to move trillions of dollars each day. Hackers stole $81 million from the Bangladesh central bank in 2016 after gaining access to the bank’s SWIFT terminal and other hacks put many banks worldwide on edge.

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