The cyberthreat facing the financial services industry

Abstract

The financial industry is a clear target for cybercriminals. In early 2016 a cyberattack on a bank in Bangladesh resulted in the attempted theft of US$1bn, an event that proved to be a watershed moment for our industry. It rapidly became clear that this was not an isolated incident, but part of a wider and highly adaptive campaign targeting banks around the world. This paper considers the Customer Security Programme (CSP), the dedicated initiative that SWIFT established to help the industry better protect itself against further attacks, and to reinforce and safeguard the security of the wider payments ecosystem. As a global cooperative, the approach the programme has been able to take is far-reaching and all-encompassing; it is aimed at every customer, from the smallest to the largest, and from weakest to strongest. By design, it seeks to overcome barriers and reach all geographies. SWIFT’s global reach, its cooperative structure and its unique governance have enabled us to both prepare our response and ensure its aptness. It has afforded us the privilege of being able to learn from, and to reach out to and assist the community — transferring skills and experience from one customer to another, and from one geography to another — all the while preserving confidentiality.