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SWIFT Boosts Defense Against Cyberattacks

Cyber security firms hired, intelligence team set up to ward off future attacks on banks through SWIFT.

SWIFT has announced more steps to strengthen defense against cybercriminals by hiring cyber security firms BAE Systems and Fox-IT and setting up an intelligence team, reports Reuters. These measures will further tighten security to SWIFT members following a series of bank thefts by hackers sending fraudulent instructions on the global messaging network.

The cyber security firms will strengthen SWIFT’s in-house expertise while the Forensics and Customer Security Intelligence team will probe security incidents and guide customers on dealing with hackers.

SWIFT insists that members should share details of cyberattacks so that new malware and modus operandi could be identified to avert future incidents. It has published a list of malware used in attacks and indicators of compromise (IoCs) to help customers recognize existing threats.

Read the full story on Reuters.

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