SWIFT CEO unveils new security plan to combat brazen hackers

Information sharing should be improved.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) will roll out a five-part security in response to recent cybersecurity heists.

Speaking at the 14th annual European Financial Services Conference in Brussels, SWIFT CEO Gottfried Leibbrandt unveiled the company's five-part Customer Security Programme, which includes initiatives to boost informaiton sharing, increase security requirements for customer-managed software, support banks' increased use of payment pattern controls, and introduce certification requirements for third-party providers.

"The Bangladesh fraud is not an isolated incident: we are aware of at least two, but possibly more, other cases where fraudsters used the same modus operandi, albeit without the spectacular amounts. The banks were compromised, credentials to payment generation systems were obtained to send fraudulent payments and the statements/confirmations from their counterparties were obfuscated," he said.

Details of the new security program will be released before the end of May.

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