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Banking Regulators Questioned On Response to Swift Network Cyberattacks

Source: Wall Street Journal


A leading Democrat on the House Financial Services Committee pressed banking regulators Monday for details of their response to a series of breaches on the global money-transfer network Swift.

In a letter, Rep. Carolyn B. Maloney (D., N.Y.) asked the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. about what actions they had taken, or planned to take, to ensure that banking members of Swift had adequate cyber controls and were complying with system requirements.

The congresswoman is the ranking Democrat on the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises. Her remarks follow at least three cyberattacks at customer sites on the Swift network.

“On more than one occasion cyber criminals have successfully stolen banks’ Swift credentials, and in at least two cases used those stolen credentials to initiate funds transfers,” she said in the letter. “I remain concerned about our banks’ exposure to these new, sophisticated cyber attacks.”

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