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Taiwan regulator fines Far Eastern International Bank NT$8M on hacking incident

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Taiwan regulator fines Far Eastern International Bank NT$8M on hacking incident

Taiwan's Financial Supervisory Commission fined Far Eastern International Bank Ltd. NT$8 million over weakness in the bank's internal control systems related to a hacking incident.

In October, the Taiwanese lender found that its computer system was infected by a virus and that its Society for Worldwide Interbank Financial Telecommunication, or SWIFT, system had been hacked, leading to fraudulent transactions moving funds out of the bank, according to a Dec. 12 FSC statement.

Far Eastern International Bank lost about US$60.1 million, but had since recovered most of the funds, with the eventual loss totaling up to US$160,000.

The regulator determined that the bank's internal controls and security system were inadequate, in violation of Taiwanese banking law. The FSC has instructed Far Eastern International Bank to strengthen its information security risk awareness and to increase the number of its information security staff.

As of Dec. 12, US$1 was equivalent to NT$30.05.