22 September 2017
Visit http://response.ncr.com

Swift to 'name and shame' banks who fail to meet security standards

28 September 2016  |  7912 views  |  1 Swift logo

Interbank co-operative Swift is promising to name and shame banking members who fail to measure up to a new set of core security standards that are set to be introduced in Q2 2017.

The standards will be mandatory for all banks, who will be required to demonstrate their compliance annually against 16 mandatory controls set out in an 'assurance framework'.

Although banks are merely required to provide 'self-attestation', Swift says it will perform random spot checks, and urge counterparty banks to do likewise.

Inspections and enforcement will begin on 1 January 2018, when banks' compliance status will be made available to their counterparts. Firm's who fail to achieve the required standards may not only find themselves locked out by their counterparts, but will also be reported to their regulators.

Swift chairman Yawar Shah says: “We recognise that this will be a long-haul, and will require industry-wide effort and investment, as well as active engagement with regulators. The growing cyber threat requires a concerted, community-wide response.”

The detailed objectives and controls will be made available to Swift customers late next month he says.

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India | 03 October, 2016, 18:33

Thanks for First logical step to bring security framework and its enforcement by SWIFT. more to look forward next month with details of objectives and its controls.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Swift unveils tool to help banks spot fraudulent transfers

Swift unveils tool to help banks spot fraudulent transfers

20 September 2016  |  7191 views  |  3 comments | 10 tweets | 7 linkedin
Central banks review wholesale payments security

Central banks review wholesale payments security

19 September 2016  |  5228 views  |  0 comments | 5 tweets | 4 linkedin
Swift presses banks on security as more hacks surface

Swift presses banks on security as more hacks surface

31 August 2016  |  8421 views  |  0 comments | 20 tweets | 30 linkedin
Philippines central bank hits cyber-heist institution with $21 million fine

Philippines central bank hits cyber-heist institution with $21 million fine

05 August 2016  |  6796 views  |  0 comments | 6 tweets | 11 linkedin
Swift calls in outside help to shore up cyber defences

Swift calls in outside help to shore up cyber defences

11 July 2016  |  6664 views  |  0 comments | 7 tweets | 17 linkedin
Swift to review strategy in wake of cyber attacks

Swift to review strategy in wake of cyber attacks

03 June 2016  |  12546 views  |  4 comments | 19 tweets | 24 linkedin
Symantec traces Swift attacks to North Korea

Symantec traces Swift attacks to North Korea

27 May 2016  |  7827 views  |  0 comments | 11 tweets | 9 linkedin
More banks come forward as Bangladesh hack investigation expands

More banks come forward as Bangladesh hack investigation expands

26 May 2016  |  6477 views  |  0 comments | 5 tweets | 6 linkedin
Swift outlines new security protocols as crisis escalates

Swift outlines new security protocols as crisis escalates

24 May 2016  |  9713 views  |  5 comments | 11 tweets | 30 linkedin
As details of third attack emerge, Swift calls on banks to report hacks

As details of third attack emerge, Swift calls on banks to report hacks

20 May 2016  |  7882 views  |  0 comments | 17 tweets | 10 linkedin
Swift warns of second victim of bank hackers

Swift warns of second victim of bank hackers

13 May 2016  |  11500 views  |  5 comments | 11 tweets | 20 linkedin
Swift confirms multiple cases of fraudulent message traffic

Swift confirms multiple cases of fraudulent message traffic

26 April 2016  |  7689 views  |  2 comments | 5 tweets | 18 linkedin
Swift warns banks of malware threat

Swift warns banks of malware threat

25 April 2016  |  9582 views  |  0 comments | 16 tweets | 12 linkedin
No firewall and $10 routers blamed in Bangladesh Bank heist

No firewall and $10 routers blamed in Bangladesh Bank heist

22 April 2016  |  20041 views  |  2 comments | 20 tweets | 18 linkedin
Poor spelling thwarts Bangladesh Bank hackers

Poor spelling thwarts Bangladesh Bank hackers

10 March 2016  |  9455 views  |  1 comments | 17 tweets | 12 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comdownload the paper nowvisit www.sibos.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
12468 views comments | 26 tweets | 42 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10948 views comments | 6 tweets | 17 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9524 views comments | 6 tweets | 3 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8145 views comments | 18 tweets | 26 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
8110 views comments | 5 tweets | 4 linkedin

Featured job

A minimum of £200K (not a limiting factor)
London

Find your next job