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Swift to reveal new security plan after recent slew of cyberheists

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Isiah Jone
May 24, 2016 07:59
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In efforts to rebuild its reputation Swift s CEO Gottfried Leibbrandt is slated to announce the launch of a new five-point plan for improved security

Swift, the global financial communication service, has said that it intends to launch a new security programme, which will enable itself and its customers to better defend themselves against cyberattacks.

The move comes after recent reports emerged of a slew of cyberheists, the most prominent of which is the Bangladesh Bank hack, which is currently being investigated by officials.

In efforts to rebuild its reputation, which was brought into question by officials of the Bangladesh bank after hackers stole $81m £55m using Swift to send fraudulent money transfer communications, Swift has already warned its customers to be more cautious when conducting business.

Leibbrandt is also expected to highlight Swift's response to the cyberattacks while also committing to "drastically improve information sharing among the global financial community".

He is also expected to promise to "harden security requirements for consumer-managed software to better protect their local environment" and "to introduce certification requirements for third party providers."

As part of Swift's five-point plan, which is likely to be revealed in the coming few days, the service also plans to provide the banking community with the ability to detect cyber fraud by encouraging them to use "payment pattern controls", which would help them identify suspicious activity.

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Isiah Jone
May 24, 2016 07:59
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