Dive Brief:
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Global financial messaging network SWIFT asked its members Friday to share data with each other about cyberattacks in order to improve their ability to protect themselves, according to Reuters.
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The request came after Wells Fargo, Ecuador's Banco del Austro (BDA) and Citibank failed to tell SWIFT about a 2015 attack that resulted in the theft of $12 million from BDA, according to the report.
- In February, criminals used SWIFT messages to help steal $81 million from the Bangladesh central bank.
Dive Insight:
Earlier this month, SWIFT announced that it had been hit by a second malware attack. The BDA theft brings the total of known SWIFT exploits to three.
SWIFT, a cooperative of 3,000 international financial institutions that enables secure financial transactions, sent a message to its members last week instructing them to "immediately inform SWIFT of any suspected fraudulent use of their institution's SWIFT connectivity or related to SWIFT products and services," Reuters reported.
Sharing data after a hack can go a long way toward preventing other institutions from becoming victims themselves, allowing organizations to respond to a potential security flaws before they are targeted.
"It is essential that you share critical security information related to SWIFT with us," the communication said. In return, SWIFT promised clients it would inform them where malware had been used to attack systems "so that you can better target your preventative and detective efforts."
