In an age in which organizations such as Swift are subject to attack, traditional perimeter security defenses are no longer enough to stop attackers from getting into the system and stealing valuable information.
In addition, these threats are not easily identified by security intrusion detection systems, making it difficult for organizations to quickly remediate an attack. For example, in February, an attacker gained access to Bangladesh Bank's Swift payment system, making off with $81 million in proceeds. According to Swift, these attacks are "persistent, adaptive, and sophisticated" and "here to stay."
In the case of the Bangladesh Bank breach, attackers only had to find one weak point to gain access. Once they did, installing the malware they'd created to study and alter financial messages exchanged via Swift appears to have been simple.
As an industry, there needs to be a stronger focus on protecting the data itself—not just the network perimeter—because that’s what the bad guys are after. Financial institutions need several lines of defense to secure their environments, particularly as attackers evolve their tactics and identify new ways to pull off these heists.
Swift is already taking action to defend against future threats to its network. In addition to issuing patches and requiring customers to update their software, CEO Gottfried Leibbrandt recently outlined a five-part process for improving cybersecurity at global financial institutions, including hardening existing infrastructures and introducing certification processes for third-party participants in the Swift network. While this is good progress, the work can't stop there.
Financial organizations should take additional steps to secure their payment infrastructures, including:
As criminals continue to evolve and profit from new avenues of attacks that are faster and less costly, organizations must also take steps to better mitigate their risks. Organizations should adopt a security platform that rejects malware the minute it's found, develop hunt teams to stalk and eradicate bad code where it lives, and share their findings. By implementing these security measures, financial institutions will be better able to protect their sensitive information and stop adversaries in their tracks.
This article was written by Mary Karns Writz from PaymentsSource and was legally licensed through the NewsCred publisher network.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various subsidiaries generally. This material does not constitute a recommendation by BNY Mellon of any kind. The information herein is not intended to provide tax, legal, investment, accounting, financial or other professional advice on any matter, and should not be used or relied upon as such. The views expressed within this material are those of the contributors and not necessarily those of BNY Mellon. BNY Mellon has not independently verified the information contained in this material and makes no representation as to the accuracy, completeness, timeliness, merchantability or fitness for a specific purpose of the information provided in this material. BNY Mellon assumes no direct or consequential liability for any errors in or reliance upon this material.