Late last week, the money transfer service alerted banks around the world that they should report any unauthorized access to the system immediately.
“We specifically remind all users to respect their obligations to immediately inform Swift of any suspected fraudulent use of their institution’s Swift connectivity or related to Swift products and services,” the company wrote in a message to their clients.
Swift, a global member-owned cooperative, based in Belgium, also stated that its services, network, and software were not compromised. It stated that steps were being taken, along with specific measures to reduce cyber attacks. The network service explained that from now on it would notify customers immediately of any known cases of malware, and that it would share best practices to improve security.
“I’m fairly confident other breaches are [currently] taking place,” said Bryce Boland, Asia-Pacific chief technology officer for FireEye Inc., a cybersecurity firm, to the Journal. “We are seeing the same threat actors target some of our customers,” he said.
The incidents have highlighted the fact that the banking network may not be as secure as it was once thought to be. Russia proposed an alternative to Swift last year as part of an effort among BRIC nations to create a transfer service that provides better security and is free of disruption.