Cybersecurity
A $100 Million Heist Spooked Banks, Yet Many Dawdle on Defenses
- Swift told members to shore up cybersecurity after major hacks
- More than 1,000 are said to miss deadline to prove compliance
Photographer: Chris Ratcliffe/Bloomberg
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Two years after Swift, the interbank messaging system, became embroiled in one of the largest cyber heists in history, it’s still cajoling more than 1,000 of its members to show they’re setting up necessary defenses.
The global network’s 12,000 members were supposed to attest by the end of December that they’re enacting a list of basic security measures -- such as improving passwords and adopting multistep authentication. About 90 percent of firms were able to do it, according to two people familiar with the results. Yet, that also shows many others might still be vulnerable to hackers.