“In 2018, all banks using the SWIFT messaging platform will be required to comply with a new cybersecurity framework that aims to establish a baseline for security.
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. Banks use the closed network to communicate among themselves, sending approximately 25 million messages per day.
The requirements are in light of the string of cybercrimes against SWIFT member banks, most notably the Bangladesh bank which lost $81 million. Members will now be required to implement features such as multi-factor authentication, continuous monitoring and anomalous behavior detection, security awareness training, and incident response plans.”
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