Swift Called Unprepared to Deal with Recent Cyberattacks

An examination of the culture and practices at the Society for Worldwide Interbank Financial Telecommunication (Swift), including interviews with more than a dozen people who have worked for or closely with Swift, shows it was ill-prepared for some of the toughest challenges of the cyberattack era. Security standards for banks using the Swift network were dictated in what was an eight-gigabyte handbook but rarely enforced, these people say.