Bank Defences

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.

breaching bank security

While SWIFT customers have individual responsibility for the security of their environments, we are fully committed to deploying SWIFT s knowledge and expertise to help customers in the fight against cyber-attacks, it said, before warning the banks that they need to bring their security procedures up to speed.

The security of global banking can only be ensured through a collaborative approach between SWIFT, its customers, overseers, and third party suppliers, it said.

Expert Reaction

SWIFT s decision to enhance the security processes surrounding its network have been welcomed by many experts.

I hope this development represents a new chapter for Swift, understanding that good security posture of their payment ecosystem is reliant on more than just a secure application, he said.

Minimum cybersecurity standards should be welcomed across the industry, but the risk of driving people to unsafe channels is real.

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