SWIFT Reinforces Global Banking System Security Following Breaches

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SWIFT initiated a new customer program to strengthen the security of the global financial community against cyber threats, with the aim of consolidating and building upon existing SWIFT and industry efforts, the global financial network said May 27.

According to SWIFT, this customer security program will define an operational and security baseline that customers must meet to protect the processing and handling of their SWIFT transactions.

The Implementation of the customer security program will be in phases, with an immediate focus on communication between SWIFT customers, as well as between SWIFT and its customers.

 “While each individual SWIFT customer is responsible for the security of its own environment, the security of global banking can only be ensured collectively,” said SWIFT CEO Gottfried Leibbrandt.

“It requires a collaborative approach between SWIFT, its customers, overseers, and third party suppliers. SWIFT is fully committed to leading the community effort required to keep global banking safe and deploying its knowledge and expertise to help customers in the fight against cyber-attacks,” he added.