Swift has said it intends to beef up its security after the recent spade of cyber attacks, including the recent hack which targeted the Bangladesh national bank. The hackers used Swift to relieve the Bangladesh bank of $81m worth of funds, on top of numerous other, smaller attacks.
The new five point plan, which has at the time of writing has not been released yet, will likely place more focus on improved information sharing between global financial institutions and stronger certification regulations for third party providers. Further, it is expected to include stronger defensive capabilities as well as proactive measures to assist the financial community in preventing future attacks. Swift have been emphasising that cyber crime requires a collaborative approach to security, and that all financial institutions must ensure their internal systems are up to the task as well.