SWIFT may prohibit banks with weak security from using its system
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In the wake of a series of cyberheists against banks internationally, SWIFT is considering changes in its process of allowing open access of its messaging service to financial institutions.
SWIFT CEO Gottfried Leibbrandt said the organization is considering whether it will exclude from its network banks that have demonstrated weak information security, according to a Financial Times report. “We could say that if the immediate security around Swift is not in order we could cut you off, you shouldn't be on the network,” he told FT.
The organization is urging its members to implement consistent security practices, and has recently sought to improve information sharing among its customers. Hackers took advantage of vulnerabilities in SWIFT's member banks to facilitate the cybertheft of millions of dollars from a series of banks, most notably the theft of $80 million from the Bank of Bangladesh.