At the Board meeting, the full Board endorsed SWIFT’s recently announced Customer Security Programme and earmarked a dedicated investment for the programme during 2016. The Board will continue to actively oversee the programme and assess incremental financial needs this year and next.

The programme for our users seeks to strengthen cyber security within the financial industry, and to help the industry protect itself against cyber threats.

The programme itself focuses on five mutually reinforcing strategic initiatives:

• Improving information sharing amongst the global community
• Enhancing SWIFT related tools for customers
• Enhance guidelines and provide audit frameworks
• Support increased transaction pattern detection
• Enhance support by third party providers.

“The industry’s security is a top priority for the cooperative,” said SWIFT Chairman, Yawar Shah. “We will work closely with regulators and customers to ensure this programme’s success and the industry’s take up of the necessary security measures. A dedicated management team has been put in place under the CEO to manage the programme, and actively consult and engage with the community to further define and execute the five initiatives. The Board has earmarked funds for the programme and will ensure it receives the right focus and investment as it moves forward.”