SWIFT, not the Talyor variety, stands for Society for Worldwide Interbank Financial Telecommunication, and if you have ever sent money to a foreign bank, you’d need a SWIFT code.
Sure, banks may have tight security, but the system they use to send money to other banks in foreign countries? Not so much.
After the Bangladeshi hack and the subsequent admission in Vietnam of a similar one, SWIFT is taking a look at its security. Two-factor authentication gets recommended (!) but not required.
Again, we are talking basic security, not complex, or expensive security.
Now, after a release of NSA hacking tools, it appears that the NSA has hacked SWIFT too. Specifically a SWIFT node in the Middle East. Makes sense really.
Get The Basics Right
Whether it is the secret information on US spies and their families, your cheating proclivities, voter information or just your gaming habits, there isn’t a sector that hasn’t shown itself to be deluded, lazy, cheap or incompetent in online security.
Sure, protecting yourself against the NSA is hard, but making a requirement for two-factor authentication isn’t.