21 September 2016

Cyber threat requires industry-wide cooperation

Alain Desausoi underlines the importance of constant vigilance, physical and logical security, and information sharing at Financial Times conference

Alain Desausoi, SWIFT’s Chief Information Security Officer (CISO), spoke today at the third annual Financial Times Cyber Security Summit Europe about a number of important initiatives that comprise SWIFT’s Customer Security Programme (CSP).

FT Cyber Security SummitHeld in London on 21st September, the session, entitled “Learning from others”, saw Desausoi in conversation with Kara Scannell, Investigations Correspondent for the Financial Times. The discussion focused on the recent cybr-attacks, and how SWIFT is working with its customers and partners to develop security measures to counter the growing threat. He said, “The threat is persistent, adaptive and sophisticated – and it is here to stay. We continue to see cases in which our customers’ environments have been compromised and subsequent attempts made to send fraudulent payment instructions.”

Desausoi went on to explain how SWIFT, whose network and core messaging services show no indication of having been compromised during these breaches, helps customers improve their own security through cooperation and measures introduced through the CSP. “The threat requires industry-wide co-operation and a long-term response in the form of our CSP. We are making tangible progress. Fortunately a good number of recent attacks have been thwarted or prevented either because our customers have stopped suspicious instructions or because the attacks have been identified and the frauds ultimately prevented as a direct result of measures introduced through the CSP,” said Desausoi.   

Measures like our recently announced Daily Validation Reports, which help our customers preserve the integrity of their environments, show that the programme is making progress. We will continue to support our community, but, as the threat persists, the role of our customers remains absolutely critical: any customer that fails to address the logical and physical security of its environment is at risk.

Alain Desausoi, Chief Information Security Officer (CISO), SWIFT

Speaking after the session, Desausoi explained that there was more still to do, especially from customers themselves. “Measures like our recently announced Daily Validation Reports, which help our customers preserve the integrity of their environments, show that the programme is making progress. We will continue to support our community, but, as the threat persists, the role of our customers remains absolutely critical: any customer that fails to address the logical and physical security of its environment is at risk.”

Further details about SWIFT’s CSP can be found here; and information about the Financial Times Cyber Security Summit Europe can be found here.

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