SWIFT has brought in cyber security firms BAE Systems and Fox-IT to create a dedicated Forensics and Customer Security Intelligence team, comprising of IT and cyber experts that will investigate security incidents within customer environments.

The two firms will also work with SWIFT’s newly formed Customer Security Intelligence team, which is undertaking forensic investigations on customer compromises related to SWIFT’s products and services.

SWIFT’s inter-bank messaging network has been at the heart of data breaches this year at several Asian banks, including $81 million fraudulently transferred out of Bangladesh’s central bank in February.

SWIFT said that it will also be feeding related intelligence back to the wider banking community in order to help prevent future frauds. Since launching, its information sharing initiative has grown to include detailed intelligence and analysis on the methods of attackers in recent fraud cases. SWIFT has also published an inventory containing some of the specific malware used in the attacks, as well as indicators of compromise that SWIFT has developed to assist other customers in detecting threats.

Craig Young, chief technology officer at SWIFT, commented: “Customer intelligence, including intelligence related to attacks that have ultimately failed, is crucial to helping us continue protecting our community. Information we have already received from impacted banks has allowed us to identify new malware and to publish related IoCs which are helping to protect the wider community. An important dependency of this initiative is SWIFT’s timely receipt of information from affected customers.”

James Hatch, director of cyber services at BAE Systems, added: “The inevitable criminal focus on the heart of the financial system means that the financial services industry needs to ensure it has effective cyber defences against well-funded, motivated and organised attackers. It is vital the industry works together both to defend systems and networks, and we are pleased to be working with SWIFT to help protect the mutual trust on which the financial system depends.”

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