SWIFT and Fox-IT reconfirm cyber cooperation during Belgian state visit

Memorandum of understanding cements cyber security cooperation

SWIFT and Fox-IT reconfirm cyber cooperation during Belgian state visit

Brussels, 30 November 2016 – SWIFT and Fox-IT announce the signing of a memorandum of understanding to reconfirm their cooperation to combat cyber security challenges affecting the global financial community.

In the framework of the Belgian state visit to the Netherlands, SWIFT and Fox-IT signed a memorandum of understanding which cements their commitment to support SWIFT’s cyber security efforts. The signing was attended by Minister-President Geert Bourgois, Minister-President Rudi Vervoort, and Secretary of State Pieter De Crem from Belgium, as well as of Minister for Foreign Trade and Development Cooperation Liliane Ploumen, from the Netherlands.

Fox-IT is working closely with SWIFT on cyber security and, together with BAE Systems, is supporting SWIFT in the implementation of the cooperative’s Customer Security Programme (CSP).

SWIFT’s Customer Security Programme, which launched in June 2016, is a dedicated initiative designed to reinforce and evolve the security of global banking, consolidating and building upon existing SWIFT and industry efforts. Together with BAE Systems, Fox-IT is working closely with SWIFT’s Customer Security Intelligence team to build out the co-operative’s customer security information sharing initiative.

Under the information sharing initiative, the group investigates customer security incidents and supports customers’ own investigations. SWIFT has  already published customer-anonymised findings about the modus operandi used in the attacks, developed multiple Indicators of Compromise (IoCs), and provided customers with details on how to protect against such attacks.

Alongside other measures introduced through SWIFT’s CSP, this proactive intelligence-gathering and forensic analysis has already delivered tangible results, helping to detect and prevent attacks against SWIFT customers.

About SWIFT’s Customer Security Programme

SWIFT’s Customer Security Programme, which launched in June 2016, is a dedicated initiative designed to reinforce and evolve the security of global banking, consolidating and building upon existing SWIFT and industry efforts. The programme will clearly define an operational and security baseline that customers must meet to protect the processing and handling of their SWIFT transactions. SWIFT will also continue to enhance its own products and services to provide customers with additional protection and detection mechanisms, and in turn help customers to meet these baselines.

The programme will focus on five mutually reinforcing strategic initiatives:

  • Improving information sharing amongst the global community
  • Enhancing SWIFT related tools for customers
  • Enhance guidelines and provide assurance frameworks
  • Support increased transaction pattern controls
  • Enhance support by third party providers

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