SWIFT Tightens Security Measures After Banking Incidents
The SWIFT (Society for Worldwide Interbank Financial Telecommunication) network has warned banks that it expects them to deliver an “operational baseline” of appropriate security measures.
The tough stance from SWIFT comes after a spate of cyber attacks on the network. The Bank of England last month to order British banks to carry out a security review of systems connected to SWIFT.
SWIFT repeated that the recent attacks did not compromise its system, but each successful attack was because the bank concerned suffered a series of security breaches within its locally managed infrastructure. And SWIFT wants the banks to take their security much more seriously, and will remove banks with weaker cyber defences.
