SWIFT calls on member institutions for upgrading against cyber threats

1 September 2016

SWIFT SWIFT is urging its member financial organizations to enhance their security protocols to mitigate cyberattacks on the transaction message network. Its private letter cites latest attacks that have emerged this summer and some of them were effective. The letter says about the breach of some data with the further actions to implement scam scenarios. The interbank giant notes that the risks are high and the crime is getting more perfect and serious.

SWIFT points to the vulnerability in the banks’ local closing protocols and refers to the latest successful easing of the Asian bank’s purse with 81 billion US dollars stolen from the Bank of Bangladesh in a chain of scam attacks.

This summer SWIFT unveiled its large protection scheme to define the framework for the banks with respect to security and protection of the transactions processed through the network. It resorted to the services of BAE Systems and Fox-IT for increasing its protection means on the wake of its new data sharing and cyber risk surveillance project.

This fall SWIFT expects the banks and financial institutions to implement its latest software package with the improved and upgraded security tools notifying them of consequences for failure to stay upgraded and in line with the latest requirements. SWIFT is going to disclose the vulnerabilities of the failing banks within the framework of its sharing program.

Earlier SWIFT controlled organization unveiled the launch of the Global Fintech Hubs Federation in a move to establish unified rules and standards for the financial technologies market.

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