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Swift hires cybersecurity firms to check fraud

BBR Staff Writer Published 12 July 2016

Interbank messaging network Swift has hired expert cyber security firms BAE Systems and Fox-IT to probe security incidents within customer environments.

The move comes in the wake high-profile cyber attacks on many bank sites across the world.

The expert firms will work with Swift’s newly formed Customer Security Intelligence team to support its customer information sharing initiative.

Under its recently launched information sharing initiative, SWIFT will help its community by carrying out forensic investigations on customer premises related to its products and services.

The forensic investigations will complement the internal investigations being undertaken by its customers affected by cyber attacks.

Fox-IT co-founder and CEO Menno van der Marel said: “Fox-IT is pleased to support SWIFT on this important initiative. SWIFT operates on a high security maturity level and we will be working closely together both supporting their cyber forensics analysis work, as well as helping them share anonymised information with the community.”

Swift’s information sharing initiative is part of its Customer Security Programme launched in Brussels in May.

BAE Systems director of cyber services James Hatch said: “The inevitable criminal focus on the heart of the financial system means that the financial services industry needs to ensure it has effective cyber defences against well-funded, motivated and organised attackers.

“It is vital the industry works together both to defend systems and networks, and we are pleased to be working with SWIFT to help protect the mutual trust on which the financial system depends.”

In June, Swift added 73 banks to its global payments innovation initiative that is aimed at improving the cross-border payments.

By joining the initiative, the banks will comply with a set of strict business rules, which are designed by Swift in collaboration with participating banks, to improve their approach to cross border payments.

Image: Swift hires cybersecurity firms to check fraud. Photo courtesy of freedooom/FreeDigitalPhotos.net.