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Thursday, May 26, 2016

SWIFT To Launch New Cybersecurity Course In Wake Of Bangladesh Commercial lender Heist

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