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Cybersecurity lessons from the Bangladesh Bank heist

Nurdianah Md Nur | April 13, 2017
At the CIO Conference Singapore 2017, SWIFT's Anand Bindumadhavan shares what banks should do to avoid becoming the next victim of cyber attacks.

"[Security is also not just about] acquiring security systems and installing firewalls. No matter how sophisticated the tools/intelligence you put in place, you need to complement them with a strong set of processes, and reinforce the [security mindset to all employees]," he added.

On SWIFT's part, Bindumadhavan shared that the company is working with BAE Systems and other partners to "establish a security operations centre" (SOC). "The SOC will investigate the occurrences of any hacks/attacks. It will also collect evidence from its community, anonymise the data, and pass to BAE Systems or other partners to investigate for signatures or attack patterns."

 "Besides that, SWIFT is also working with partners to publish a set of mandatory controls that all members need to comply to, so that we can [prevent future cyber attacks.] This is because SWIFT is all about the community of people using it, so even just one weak link poses a significant threat," he said.

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