SWIFT wants to be your information sharing hub according to this sponsored article.
Every financial institution has multiple partners that are connected to a large number of other financial institutions, or corporates, or merchants, so which partner provides the most actionable, reliable, and secure data? The reality is it takes more than one, financial institutions need data sharing that improves criminal activity detection across multiple business operations too numerous to list here.
With AI hungry for more data to improve detection financial institutions should categorize and inventory the data it needs and then identify and rate potential sources:
“In strengthening cyber defenses, an area of paramount importance is information sharing, because an attack on one organisation can easily happen to another elsewhere in the world. The exchange of cyber-threat intelligence is critical for detecting and preventing attacks.
It’s established that cybercriminals work collaboratively to share intelligence, meaning that organisations must do the same and better. A starting point involves ensuring accessible, automatic API-enabled data feeds that can support timely action.
SWIFT shares threat intelligence with customers via its Information Sharing and Analysis Centre (ISAC). A key new feature is the Malware Information Sharing Platform (MISP), to which the ISAC migrated in February 2021. The easy-to-use MISP software is free and brings several benefits. These include easier onboarding and log-ins; synchronisation of threat events between servers for an automatic threat feed; and the ability to retrieve data in multiple formats.”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
