Brazil Loses $148 Million To Hackers in Less Than Three Hours

In Brazil, hackers have gained access to funds worth BRL 800 million ($148 million), held in accounts at the Banco Central do Brasil (BCB). They achieved this by exploiting the valid credentials of an employee associated with the BCB’s instant payment network Pix. The implications and consequences of this incident have led to doubts about the cybersecurity of Brazil’s financial system.

In early July, a group of cybercriminals orchestrated the most significant cybersecurity incident ever recorded against the Brazilian financial system.

In just 2.5 hours, the incident compromised the entire Pix network as well as the digital infrastructure at BCB. The attackers were able to empty fund accounts held by financial institutions to ensure liquidity and facilitate loans or investments in government securities.