SWIFT CEO promises security improvements The head of the SWIFT financial network has put forward a five-part plan to improve security after its systems were the focus of several cyberattacks. Gottfried Leibbrandt gave a keynote on Tuesday at a financial services conference in Brussels and promised the organization would work harder to ensure that incidents like last …
Having a system that, when secured 10 years ago, remains secure. I don't blame their response, nor do I think they need to do anything other than look at upgrading their security to a more modern approach. The facts are known; the hacking came from INSIDE THE BANK, not inside SWIFT. They DO need to modernize in order to continue to be a trusted money middleman, when all the banks could develop another system to replace their service. Perhaps with a distributed system that works in a modern way; B2B.
The facts are known; the hacking came from INSIDE THE BANK, not inside SWIFT.
This is true, however a similar stance could be (and likely was, in many cases) also taken by consumer banks when phishing became common: Those hacks came from the *user*, not from the *bank*; ergo, it's the user's problem.
But just because it's "user error" didn't stop many (most? all?) consumer banks from improving their procedures and processes to require additional confirmation (eg. 2FA) when such questionable or unexpected transactions are encountered.
They DO need to modernize in order to continue to be a trusted money middleman, when all the banks could develop another system to replace their service. Perhaps with a distributed system that works in a modern way; B2B.
Indeed! If an inter-bank consensus can be reached for implementing a transaction blockchain, SWIFT could very well find itself on borrowed time - existing only to serve the dwindling number of banks which have not yet migrated to the shared blockchain.
Except it wasn't SWIFT that got hacked: Two Bytes to $951M and what ever you do, don't mention the ginormous elephant in the room.
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