In recent years, several SWIFT member banks have been targeted by cyber fraudsters, resulting in accumulated thefts of many millions of dollars. Impacted banks in several different countries have been victimized, demonstrating that there are no borders when it comes to cybercrime and that any company can be targeted.
Interestingly, SWIFT has been in the headlines broadcasting each of these incidents, although the SWIFT network itself has not been compromised. The thefts have been successful due to security gaps in member financial institutions that were exploited. SWIFT’s response has been very proactive, but the reputational damage SWIFT has incurred (resulting from member security gaps) has been severe and undeserved.