Swift calls in outside help to shore up cyber defences

Swift calls in outside help to shore up cyber defences

Interbank messaging network Swift has engaged cyber-security specialists BAE Systems and Fox-IT and created a dedicated 'Forensics and Customer Security Intelligence Team' to help shore up its defences in the wake of a string of high-profile attacks at multiple bank sites.

The banking co-operative says the expert firms will complement its in-house cyber security expertise and provide additional support as it rolls out an information sharing and threat intelligence programme for banking members.

Swift says the programme has already gathered detailed intelligence and analysis on the modus operandi of attackers in recent customer fraud cases, including the successful $81 million attack at the central bank of Bangladesh. The Society has published an inventory containing some of the specific malware used in reported attacks, as well as indicators of compromise (IoCs) that have been developed to help customers in detecting insider threats.

Swift CTO, Craig Young, says: “Customer intelligence, including intelligence related to attacks that have ultimately failed, is crucial to helping us continue protecting our community. Information we have already received from impacted banks has allowed us to identify new malware and to publish related IoCs which are helping to protect the wider community.”

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