- Banks and financial institutions use Bromium to secure wire transfers.
- Bromium application isolation secures the print driver, so the wire transfer request cannot be hacked.
We live in a global world and that means global commerce. So how does legal tender change hands? Well, if you’re not sending money to a Nigerian prince, then you’re probably using SWIFT for wire transfer payments. SWIFT (Society for Worldwide Interbank Financial Telecommunication), founded in 1973, is the global network that allows financial institutions worldwide to securely send and receive information about wire transfer transactions.
Let’s look at an example:
- Company A in the US needs to order $1,000 worth of widgets from Company B in the UK
- Company A tells Bank A to “wire” $1,000 to Company B’s account at Bank B
So how are these messages sent?
- Bank A in the US needs to send a message to Bank B in the UK
- The message is generated by Bank A by “printing” the message to the SWIFT network
- The message is then sent and received at Bank B
- Once sent or “printed” to the SWIFT network, they are secure
But what if hackers attacked the print driver at Bank A, and instead of the wire transfer message saying to transfer $1,000 to Company B’s account, the message is changed to say transfer the money to a Nigerian Prince’s account (you know, the one who keeps emailing you)?
The teller at Bank A entered in the correct information, but the message was changed almost “in-transit.” To add complexity, once the bank on the receiving end has accepted the wire transfer, it may not be able to be recalled. Section 4A-211(c) of The Code of Federal Regulations of the United States of America states:
“After a payment order has been accepted, cancellation or amendment of the order is not effective unless the receiving bank agrees or a funds transfer system rule allows cancellation or amendment without agreement of the bank.”
Enter Bromium application isolation.
When Bank A (the sender) uses Bromium, the transaction is secured by Bromium’s Secure Printing, and the bank doesn’t need to worry about hackers.
With Bromium application isolation, every browser tab, download, and email attachment is opened in a unique, isolated environment, called a micro-VM. This stops malware from coming in to the endpoint and also protects the applications and drivers.
In this example, the bank’s print drivers are isolated and secure. When Bank A sends a message to the SWIFT network it is secure, ensuring Company A’s money will reach the correct destination and they will be able to receive those widgets.
The post How Bromium Application Isolation Secures Bank Wire Transfers appeared first on Bromium.
*** This is a Security Bloggers Network syndicated blog from Bromium authored by Alon Nachmany. Read the original post at: http://blogs.bromium.com/how-bromium-secures-bank-wire-transfers/