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SWIFT to Announce Additional Cyber Security Measures for Banks

Interbank co-operative Swift announced additional efforts to beef up security on its network, following highly publicized hacks of member banks earlier this year. It is also promising to name and shame banking members who fail to measure up to a new set of core security standards that are set to be introduced in Q2 2017.

The standards will be mandatory for all banks, which will be required to demonstrate their compliance annually against 16 mandatory controls set out in an assurance framework. Although banks are merely required to provide self-attestation, Swift will perform random spot checks, and urge counterparty banks to do likewise. Last week, Swift separately announced it would also start producing daily validation reports in December. The reports are designed to help banks quickly detect fraud and each report would contain a daily rundown of banks' message flows so they can verify them independently, detect unusual patterns and potentially cancel transfers they find to be fraudulent.

Swift's recent efforts come after several cyber attacks on Swift members, beginning with a February incident where US$81 million was stolen from the Bangladesh Bank's account at the Federal Reserve Bank of New York. Swift has maintained its core software was not compromised, and placed the onus on member banks to ensure their systems are secure.

News Characteristics

Date : Sep 27, 2016
Region : North America
Industry : Banks
Function : Risk Management
Sub-Function : Cyber Risk