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BAE Systems joins SWIFT’s Customer Security Intelligence team

BAE Systems joins SWIFT’s Customer Security Intelligence
New response team and information sharing initiatives will help strengthen cyber security across global community
BAE Systems has been appointed by the world’s leading provider of secure financial messaging services, SWIFT to join its new Customer Security Intelligence team, designed to support and investigate incidents within customer environments.
 
The announcement follows the analysis and identification of malware that BAE Systems’ threat intelligence team was able to link to an attack on Bangladesh Bank in February 2016.
 
The newly formed Customer Security Intelligence team, comprising a group of leading cyber security experts, will complement SWIFT’s in-house cyber security experts, and support SWIFT’s customer information sharing initiative to strengthen cyber security across the global community. The initiative will assist SWIFT’s community by undertaking forensic investigations on customer compromises related to SWIFT products and services, complementing the affected customers’ own investigations. It will also provide related intelligence back to the wider SWIFT community in anonymised form to help prevent frauds in customers’ environments.
 
BAE Systems Director of Cyber Services, James Hatch, said:
“The inevitable criminal focus on the heart of the financial system means that the financial services industry needs to ensure it has effective cyber defences against well-funded, motivated and organised attackers. It is vital that the industry works together to defend systems and networks and we are pleased to be working with SWIFT to help protect the mutual trust on which the financial system depends.”
 
The convergence of cyber threats with fraudulent activities has seen an increase in the velocity of attacks and a greater sophistication in exposing weaknesses in the financial services industry, where BAE Systems has a strong track record of providing rapid insights, advice, and solutions.
 
SWIFT CTO, Craig Young, said:
“Customer intelligence, including intelligence related to attacks that have ultimately failed, is crucial to helping us continue protecting our community. Information we have already received from impacted banks has allowed us to identify new malware and to publish related indicators of compromise (IoCs) which are helping to protect the wider community. An important dependency of this initiative is SWIFT’s timely receipt of information from affected customers. We therefore continue to remind customers that they are obliged to inform SWIFT of such incidents as soon as possible, and to proactively share all relevant information with us so we can assist all SWIFT users.”
 
ENDS
 
For further information, please contact:

Nick Haigh, BAE Systems
M: 07525 3909782
E: nick.haigh@baesystems.com
 
Issued by:
BAE Systems plc
Tel: +44 (0) 1252 384719
Email: baesystemsinfo@baesystems.com
Web: www.baesystems.com
 
Notes for Editors
About BAE Systems
At BAE Systems, we provide some of the world’s most advanced technology defence, aerospace and security solutions.
We employ a skilled workforce of 82,500 people in over 40 countries. Working with customers and local partners, our products and services deliver military capability, protect people and national security, and keep critical information and infrastructure secure.
 
BAE Systems Applied Intelligence is a business division of BAE Systems that delivers solutions that help clients to protect and enhance their critical assets in the intelligence age. Our intelligent protection solutions combine large-scale data exploitation, ‘intelligence-grade’ security and complex services and solutions integration. We operate in four key domains of expertise: cyber security, financial crime, communications intelligence and digital transformation.
 
Leading enterprises and government departments use our solutions to protect and enhance their physical infrastructure, mission-critical systems, valuable intellectual property, corporate information, reputation and customer relationships, competitive advantage and financial success.
For further information about BAE Systems Applied Intelligence, please visit
http://www.baesystems.com/ai
 
About SWIFT
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 audit frameworks Support increased transaction pattern controls Enhance support by third party providers.