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SWIFT Network Attacks

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The ISBuzz Post: This Post SWIFT Network Attacks appeared first on Information Security Buzz.

Following the news about the SWIFT network attacks, Igor Baikalov, Chief Scientist at Securonix commented below.

Igor Baikalov, Chief Scientist at Securonix:

“I find it highly amusing that there’s even a discussion of who is responsible for the security of a SWIFT terminal – SWIFT itself, the financial institution, or the local banking regulator? It seems like something that should have been resolved well before the largest global payments network, connecting 10,000 banks, was established.

And banks have long been aware that third-party security is their problem, not that of the third-party. That must have been one of the founding principles behind SWIFT – to create a cooperative that takes care of this problem for its members. Economy of scale, so to speak.

According to recent admissions by several senior SWIFT officials, that was not the case. SWIFT’s priorities were placed...(continued)

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