Fraudulent payment instructions continue to haunt member banks of SWIFT even as the global networking system strives to counter the growing menace of cyberattacks with initiatives like Customer Security Programme (CSP), Alain Desausoi, SWIFT’s Chief Information Security Officer (CISO), said at the recent annual Financial Times Cyber Security Summit Europe.
Describing the threat as "persistent, adaptive and sophisticated," the SWIFT CISO said there was progress in this fight through SWIFT measures like Daily Validation Reports and CSP, which had helped customers thwart and prevent a number of recent attacks.
Desausoi stressed the importance of cooperation against online fraud and highlighted the crucial role of SWIFT customers. "Any customer that fails to address the logical and physical security of its environment is at risk," he added.
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