Building better defences by establishing a deeper understanding of cyber security threats

Published 
  • New SWIFT Institute research papers examine the cyber threat in financial services and how information can be disseminated via common platforms and a common terminology

Brussels – The SWIFT Institute has published three new working papers, each aiming to contribute towards the establishment of better cyber defences for the financial industry. The research papers focus on enabling financial institutions to get ahead and stay ahead of their cyber adversaries by providing a better understanding of the actors involved, examining a means to effectively share threat information, and establishing common terminology to allow meaningful discussions between industry stakeholders.

As cybersecurity threats continue to grow, the financial services industry needs to understand the forces at work, identify patterns of behaviour, and create a common syntax around cybersecurity to facilitate better communication. In order to help organisations better equip themselves against cyber attacks, the SWIFT Institute issued three grants on cybersecurity; the resulting three research papers are now available:

  1. “Forces Shaping the Cyber Threat Landscape for Financial Institutions” by William A. Carter, aims to provide an understanding of the forces that shape the threat landscape in the belief that this is essential for financial institutions to get ahead and stay ahead of their adversaries in cyberspace.
  2. “The Cyber Security Ecosystem: Defining a Taxonomy of Existing, Emerging and Future Cyber Threats” , by Dr Jason Ferdinand with Richard Benham, attempts to establish a common language for cybersecurity to help all organisations deal with the cyber threats in their environment, and to enable meaningful discussion of these threats within and between organisations;
  3. “Sharing Insider Threat Indicators: Examining the Potential Use of SWIFT’s Messaging Platform to Combat Cyber Fraud” , by Elizabeth M. Petrie and Casey D. Evans, focusses on identifying the patterns of behaviour typically indicative of efforts by criminals to use insiders to cash out on fraudulent activity. The objective of this research is to enable organisations to use an existing telecommunication platform, such as SWIFT, to communicate cyber fraud threat information by establishing indicators of cash-out behaviour, which could warn of cyber fraud activity;

“As cyber threats become increasingly prevalent within the financial services industry, firms are having to step up their cyber defences,” says Peter Ware, Director of the SWIFT Institute. “It is only by collaborating as an industry that we will be in a stronger position to mitigate these threats. It is our hope to eventually build on this published research to more effectively recognise forces at play, to establish a common language, and to build tools that will identify patterns of behaviour. All this will better enable the useful dissemination of threat activity reports to the wider financial community.”

The SWIFT Institute will be showcasing the results of these working papers at Sibos 2017 in Toronto. These sessions will be held on Tuesday, 17th October in the dedicated SWIFT Institute Room (#703) at the following times:

Forces Shaping the Cyber Threat Landscape 09:00 – 09:45 (repeated Thursday 19 at 10:00)

Sharing Insider Threat Indicators: Examining the Potential Use of SWIFT’s Messaging Platform to Combat Cyber Fraud 10:00 – 10:45

The Cyber Security Ecosystem: Defining a Taxonomy of Existing, Emerging and Future Cyber Threats 15:30 – 16:15

 

Most recent episodes

Trade Finance Vision: J.P. Morgan and Cleareye Collaboration Plots Future Path

Eleanor Hill (TMI) is joined by Natasha Condon (J.P. Morgan Payments) to discuss the latest trends and innovations emerging from the trade finance arena. Natasha considers how treasurers can improve the efficiency of their working capital, and examines why it remains critical for banks and fintechs to...

29:01

Audio TMI - ESG: Time to Decide

The pressure to comply with ESG initiatives is being felt by corporates like never before, with ESG-compliance a common concern among treasury departments. TMI talks to Lavinia Bauerochse (Deutsche Bank) about treasury’s ...

11:41

Embedded Finance: A 101 Guide for Treasurers

Our latest TreasuryCast guest, Aman Narain (HSBC) sits down with TMI's Eleanor Hill to consider the ways in which treasury might be impacted by embedded finance. In this podcast, Aman explains the differences between embedded finance and BaaS, shares his hopes for the future in this space, and provides...

12:58

Audio TMI - A Modern, Agile, and Efficient Machine

UniCredit's Raphael Barisaac and Massimo Ortino explain how the fir...

What’s on the Horizon for Short-term Investments?

The treasury community has risen to the ongoing challenge of rising interest rates and inflation, with corporate cash serving as the sought-after safety net. Here, Daniel Farrell (Northern Trust Asset Management) and Karl Adams (ICD) consider how the latest MMF reform proposals affect short-term...

39:27

Transitioning a Corporate from LIBOR to CME Term SOFR

The loans market has predominantly moved to forward looking term rates, and both corporate borrowers and global lenders are increasingly turning to CME Term SOFR as the forward looking risk-free benchmarks to support their activities. Listen to this podcast, featuring Gavin Lee, Marco Bianchi (CME...

37:16

HSBC’s Sibos Spotlight – View from Sibos

TMI's Eleanor Hill invites Neil Atkinson, Nadine Lagarmitte, and Vinay Mendonca (HSBC) to discuss the critical treasury topics and conversations highlighted at this year's Sibos conference in Amsterdam. Amongst a wealth of market insights, our guests consider the most critical developments emerging from...

38:40

ECB’s Targeted TLTRO Tweaks Set to Drain Excess Market Liquidity

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th...

05:42

Asian Treasury Trends: Learnings and Opportunities

Former corporate treasury professional, Valerie Heng (Deloitte) joins Eleanor Hill to discuss the hot topic of treasury transformation, alongside other key shifts treasurers should be aware of. In this podcast, Valerie uses her knowledge of the Asian Treasury market to explain how the role of the...

20:27