Swift’s Board Earmarks Cash for Security After Bank Hacks

  • Cooperative unveiled new security program last month
  • Enhanced Swift security may include auditing its members

Swift, the global interbank messaging system, said its board has earmarked “dedicated investment” for its security program this year.

The cooperative has been handling the fallout from a cyber attack in February when hackers used its messaging system to steal $81 million from Bangladesh’s central bank.

The cooperative unveiled an initiative last month to shore up security, including requiring more information sharing from members and guidelines for auditing its members’ security. Swift Chairman Yawar Shah said in a statement that the Brussels-based operation has a dedicated management team for the program.

“We will work closely with regulators and customers to ensure this programme’s success and the industry’s take up of the necessary security measures,” Shah said in the statement after Swift’s June 9 board meeting.

Swift has insisted that its core messaging service is secure and that the vulnerabilities are on the machines that interface with the network. The bank-owned cooperative says those computers are its members’ responsibility.

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