Swift CEO Says There Will Be Changes In Messaging Service Following Breaches, Reports
Gottfried Leibbrandt spoke about a variety of changes being made to Swift following cybercriminals stealing $81 million from Bangladesh's central bank, according to multiple media reports.

According to a Bloomberg story, hackers were able to install malware into Bangladesh's central bank in January, allowing them to steal keystrokes and eventually send fake messages over the Swift network on Feb. 4. Nearly $1 billion was asked to be sent from the central bank's account at the Federal Reserve Bank of New York, according to the story. And while most requests were flagged, five were executed and money was sent to accounts in the Philippines.
The breach didn't occur within Swift's infrastructure, according to the story, putting Swift in an interesting situation. While the organization itself wasn't hacked, its users were, putting the entire community at risk.
Kicked Out
In interviews with Bloomberg, Financial Times and Reuters, Leibbrandt spoke of changes the messaging service is considering in the wake of the breaches. Leibbrandt mentioned the possibility of removing members from the community due to lack of necessary security.
The Financial Times reported that Swift is talking to financial regulators ─ Bank for International Settlements and the Financial Stability Board were mentioned, specifically ─ about adding security requirements to its standards. Leibbrandt also mentioned in the same piece that Swift was interested in creating a program to certify auditors that would be able to check community members' cybersecurity.
Banning firms from Swift isn't unprecedented. According to the FT, Swift suspended the memberships of Iranian banks because of European sanctions in 2012. However, those firms were granted access this year when the sanctions were lifted.
Reuters reported that Leibbrandt said his firm will need to decrease certain operations in order to fund some of these new security initiatives. The CEO declined to get into details of where those reductions would take place.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
GenAI too risky for collateral processes
The technology has been heralded as game-changing for other areas of finance, but its potential to hallucinate may disqualify it from sensitive settlement procedures.
Waters Wavelength Ep. 324: A philosophical conversation about AI
This week, Reb and Nyela discuss BNY’s digital workers, and what the use of AI in society signals for the future.
Cloud Wars: Are EU and APAC firms really pining for homegrown options?
Waters Wrap: In the wake of tariffs and regional instability, there’s chatter about non-US firms lessening their dependency on the major hyperscalers. Anthony is not buying it.
Google gifts Linux, capital raised for Canton, one less CTP bid, and more
The Waters Cooler: Banks team up for open-source AI controls, S&P injects GenAI into Capital IQ, and Goldman Sachs employees get their own AI assistant in this week’s news roundup.
Numerix strikes Hundsun deal as China pushes domestic tech
The homegrown tech initiative—‘Xinchuang’—is a new challenge for foreign vendors.
RBC’s partnership with GenAI vendor Cohere begins to bear fruit
The platform aims to help the Canadian bank achieve its lofty AI goals.
Deutsche Bank casts a cautious eye towards agentic AI
“An AI worker is something that is really buildable,” says innovation and AI head
TMX buys ETF biz, Iress reinvests in trading tools, UBS data exposed, and more
The Waters Cooler: Euroclear’s next-gen service, MarketAxess launches e-trading for IGBs, and new FX services are in this week’s news round-up.