Global Banking Network SWIFT Partners Cybersecurity Firms

Following several high-profile cyber-thefts, chief among them the heist of the Bangladesh Central Bank’s NY Fed Reserve account which saw hackers nearly make away with a billion dollars, SWIFT has joined forces with cybersecurity firm BAE systems to reinforce and bolster its security framework.

The SWIFT (Society for Worldwide Interbank Financial Telecommunication) network has come together with BAE Systems and Fox-IT, both cybersecurity firms, in order to create a “dedicated Customer Security Intelligence team.” The effort will see a team of cybersecurity and IT experts investigate security incidents that occur within SWIFT’s customer environments that fundamentally consists of banks and financial institutions.

Related read: Bangladesh Bank: Hackers Tried to Steal $951 Million from US Fed Account

The team of experts will work alongside SWIFT’s in-house cybersecurity team. The new security measure is a part of a wider initiative called the Customer Security Programme, launched after several high-profile cyber-heists targeting and affecting SWIFT partner banks around the world.

The Customer Security Programme will see forensic investigations undertaken at the locations of the banks themselves, complementing the internal investigations undertaken by a bank following a breach of theft. Furthermore, SWIFT is also sharing the information anonymously with related intelligence and law enforcement in the hopes of preventing future frauds in banks.

Related read: Bangladesh Bank Hackers Used Malware on SWIFT Software

Since the information sharing initiative’s launch, attackers’ methods and modus operandi are known widely known due to detailed intelligence and analysis shared among banks. The intelligence reports also include specific malware used in previous attacks. Also, indicators of compromise (IoCs) have also been shared, to be aware of red flags when they show up.

James Hatch, BAE Systems Director of Cyber Services stated:

The inevitable criminal focus on the heart of the financial system means that the financial services industry needs to ensure it has effective cyber defenses against well-funded, motivated and organized attackers.

Meanwhile, SWIFT has confirmed that it will continue to compile and share anonymized customer security information to prevent future fraud. Moreover, information sharing on best cybersecurity practices and innovation in cyber defense will be shared with its oversight bodies as well as other forensic firms.

Image credit: Pexels.