The
Society to get Worldwide Interbank Financial Telecommunication (SWIFT), which
handles the messaging network familiar with transfer billions of dollars between
various international banks on a daily basis, announced on Tuesday, May 24 not
wearing running shoes will implement a new security program that should prevent
cybercriminals from obtaining its system again.
By
carrying out a financial services conference around Belgium, SWIFT CEO
Gottfried Leibbrandt said they should reveal a five-point plan later while in
the week, which will underscore you can actually strategy on ways to avoid
another security breach for their system.
SWIFT
has been able to provide a secure means for banks globally to send money
transfer instructions together.
However,
cybercriminals hacked on the central bank of Bangladesh's INSTANT network and
stole $81 , 000, 000 by sending false information to New York's U . s . Reserve
Bank in February.
This
is not at the first try SWIFT's system has experienced a dilemma with
cybersecurity. In 2015, thieves hacked into Ecuador's Banco del Austro making
use of the same method, allowing the theifs to get away with above $12 million.
Another attack was attempted to the Tien Phong Bank around Vietnam but failed.
The
recent string with thefts has severely damaged SWIFT's reputation while in the
banking community.
Leibbrandt
described the heist concerning the Bangladesh central bank for a crucial incident
for a.
"There
will be your before and an just after Bangladesh, " the INSTANT CEO said.
"The Bangladesh fraud will not be an isolated incident... this is usually
a big deal. And it gets to the heart of business banking. "
SWIFT
is now calling on banks everywhere to carry out drastic improvements how they
share information against each other, to strengthen their types of procedures
for security around SWIFT's private system, and to use programs intended to
spot irregularities in payments on a regular basis.
For
SWIFT's part, Leibbrandt said they are prompted to provide assistance to
lenders so that they can detect potential frauds. He added that they can
provide them with tools and guides how to identify irregularities along at the
receiving bank.
The
company is also able to provide stricter guidelines to get regulators and
auditors so they can better assess whether an individual bank's security
procedures due to its system meet the perfect standards.
Techsourcenetwork