Why are cyber attacks using SWIFT so dangerous? 1.SWIFT is the protocol used by all banks to transfer money 2.SWIFT is the flight plan and routing system used by all cooperating nations for international commercial flights 3.SWIFT is the protocol used to transmit all diplomatic telegrams between governments around the world 4.SWIFT is the protocol used by all US healthcare providers to encrypt medical records
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SWIFT is the protocol used by all banks to transfer money.
Option (1) is correct.
Explanation:
- Swift is a network that is used by banking and financial institutions.
- In this network, the bank system is connected to the network of messaging where communications are made easy between banks.
- Cyber-attacks have increased since the system has been introduced.
- various initiatives have been taken by the government to prevent cyber attacks.
- In rare cases, the bank accounts of customers are also sealed.
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