SWIFT CEO unveils info sharing plan

Information sharing practices among financial institutions have gained renewed scrutiny after a series of cyber attacks that allowed hackers to steal millions from banks internationally. Following a statement last week in which the Society for Worldwide Interbank Financial Telecommunication (SWIFT) promised to develop a collaboration strategy, the messaging service company's CEO Gottfried Leibbrandt followed up on that promise by issuing details of that strategy, reports the SC Magazine.

 

The largest of these attacks involved the theft of $81 million from Bangladesh's central bank, which resulted in the resignation of Bangladesh Central Bank Governor Atiur Rahman in March.

 

Leibbrandt called the Bangladesh cybertheft a “watershed event,” speaking at an industry event in Brussels Tuesday. “There will be a before and an after Bangladesh,” he said.

 

SWIFT's “five part-plan” includes initiatives to improve information sharing among financial institutions, harden security requirements for its customers' software, work with banks using payment pattern controls, and establish certification requirements for third-party vendors.

 

Leibbrandt issued a stark warning to banks, noting that “there will be more cyber attacks," adding that "inevitably some will be successful.”