SWIFT brings in external support as it fights wave of bank hacks

Financial transaction network SWIFT has hired BAE Systems and Fox-IT Security to help it keep its customers secure

SWIFT is bringing in additional security support after a series of high-profile bank heists and attempted bank heists conducted via its financial transaction network.

The company has hired two security firms, UK-based BAE Systems and Fox-IT Security of the Netherlands, to help its customers strengthen their security, it said Monday.

SWIFT's network itself has not been breached in the recent attacks, but bank systems connected to it have been hacked in a number of high-profile incidents over the last year, the most spectacular of which almost led to the loss of US$1 billion from Bangladesh Bank.

BAE Systems knows SWIFT's network well, having published independent reports on the recent attacks, in particular one against a bank in Vietnam. Intriguingly, it also found a link with the 2014 attack on Sony Pictures.

Since those attacks came to light, SWIFT has implemented a new security program for customers, in an effort to educate them that their security systems are just as crucial as its own in preventing the abuse of the SWIFT network to misappropriate their funds.

It is conducting forensic investigations at banks that have suffered SWIFT-related attacks, and sharing the information, in anonymized form, with other banks. Among the information-sharing initiatives are catalogs of the malware involved in the attacks and of key "indicators of compromise" -- think "Eight signs you're having a heart attack" written for the IT department.

SWIFT has also set up a dedicated team to focus on forensics and customer security intelligence, which will work with the two security firms hired Monday.

None of these information-sharing initiatives will work unless there is information to share. SWIFT took the opportunity to remind its customers Monday that they are contractually obliged to inform SWIFT in the event of an attack on their systems -- even if the attack does not succeed.

Join the PC World newsletter!

Error: Please check your email address.

Our Back to Business guide highlights the best products for you to boost your productivity at home, on the road, at the office, or in the classroom.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Peter Sayer

IDG News Service
Show Comments

Most Popular Reviews

Latest News Articles

Resources

PCW Evaluation Team

Azadeh Williams

HP OfficeJet Pro 8730

A smarter way to print for busy small business owners, combining speedy printing with scanning and copying, making it easier to produce high quality documents and images at a touch of a button.

Andrew Grant

HP OfficeJet Pro 8730

I've had a multifunction printer in the office going on 10 years now. It was a neat bit of kit back in the day -- print, copy, scan, fax -- when printing over WiFi felt a bit like magic. It’s seen better days though and an upgrade’s well overdue. This HP OfficeJet Pro 8730 looks like it ticks all the same boxes: print, copy, scan, and fax. (Really? Does anyone fax anything any more? I guess it's good to know the facility’s there, just in case.) Printing over WiFi is more-or- less standard these days.

Ed Dawson

HP OfficeJet Pro 8730

As a freelance writer who is always on the go, I like my technology to be both efficient and effective so I can do my job well. The HP OfficeJet Pro 8730 Inkjet Printer ticks all the boxes in terms of form factor, performance and user interface.

Michael Hargreaves

Windows 10 for Business / Dell XPS 13

I’d happily recommend this touchscreen laptop and Windows 10 as a great way to get serious work done at a desk or on the road.

Aysha Strobbe

Windows 10 / HP Spectre x360

Ultimately, I think the Windows 10 environment is excellent for me as it caters for so many different uses. The inclusion of the Xbox app is also great for when you need some downtime too!

Mark Escubio

Windows 10 / Lenovo Yoga 910

For me, the Xbox Play Anywhere is a great new feature as it allows you to play your current Xbox games with higher resolutions and better graphics without forking out extra cash for another copy. Although available titles are still scarce, but I’m sure it will grow in time.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?