SWIFT Launches Cybersecurity Portal Amidst Increasing Industry Threats

SWIFT, a global provider of financial messaging services, has launched a new service to help serve as a natural buffer against cyber threats, following an uptick in the amount of attacks in recent weeks. As such, the group has implemented a new 'Information Sharing and Analysis Centre' to help provide member banks with timely intelligence on the latest trends in Cybersecurity Cybersecurity Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer Read this Term.

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Cybersecurity has been pushed to the forefront for most banks, financial venues, and individuals, following myriad assaults over this past year. Since last year’s attempted heist of over $1.0 billion, SWIFT has redoubled its efforts to police its own security measures and system.

More recently, many institutional venues and member banks have been making concerted efforts to strengthen their own security measures, part of a comprehensive bid to shore up vulnerabilities for an industry that seems to be particularly at risk of hacking. According to SWIFT’s Chief Executive for the Americas and UK, Javier Perez-Tasso, the industry itself faces a potentially defining moment in the fight for cybersecurity.

On its part, the newly launched SWIFT portal includes malware details such as file hashes and YARA rules, Indicators of Compromise, as well as details on the Modus Operandi used by the cyber-criminals. Moreover, data can be downloaded as PDF's or as machine-readable files in the CML-based OpenIOC format.

“Having relevant and timely intelligence is a critical factor in effectively defending against cyber threats. Standard Chartered Bank welcomes the introduction of the Swift ISAC portal as a useful complement to information sharing efforts across the industry," explained Cheri McGuire, Chief Information Security Officer of Standard Chartered Bank, in a statement on the initiative.