The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a nonprofit cooperative owned by 3,000 banks. CEO Gottfried Leibbrandt initially said that his organization wouldn’t impose data security standards on any of its 11,000 members. But he appears to have changed tack, saying on June 1 his organization is now weighing suspending banks found to have poor security practices. The unanswered question seems to be what to do about institutions that can’t reliably repel hack attacks or spot when they’ve been breached. Experts say it’s unclear if such measures would help, especially because many already use such measures.”]
Source: https://www.cuinfosecurity.com/blogs/banks-bad-cybersecurity-could-face-swift-justice-p-2145