Swift Hires Cybersecurity Firms Following Customer Breaches

Swift, operator of the world’s largest money-transfer system, said it has hired a pair of information-security firms to help it scrutinize customers’ use of its systems and detect attempted hacks, following a series of breaches at user sites in recent months.

The Brussels company, whose full name is the Society for Worldwide Interbank Financial Telecommunication, has been battered by a series of cyberthefts that have hit banks in Ecuador, Vietnam, Bangladesh and Ukraine in the past 18 months.

Swift has repeatedly said the core of its network remains uncompromised and it is the responsibility of its users to maintain the integrity of their systems. But it has also faced concerns about its inability to ensure the security of its user interface and the authenticity of its message traffic.

Hackers stole $9 million from a bank in Ecuador last year and walked away with $81 million in a brazen attack on Bangladesh’s central bank in February.

The perpetrators, who haven’t been identified, stole the banks’ Swift credentials and fraudulently sent payment instructions over the Swift network.

Source: Swift Hires Cybersecurity Firms Following Customer Breaches – WSJ