SWIFT Act

The SWIFT Act, also known as Bill 118 hr 9234, is a piece of legislation introduced in the US Congress aimed at addressing cybersecurity threats to the global financial messaging system known as the Society for Worldwide Interbank Financial Telecommunication (SWIFT). The bill seeks to enhance the security of SWIFT by requiring the Treasury Department to work with other federal agencies and international partners to develop a strategy to combat cyber threats to the system.

Specifically, the SWIFT Act mandates the establishment of a task force within the Treasury Department to coordinate efforts to protect SWIFT from cyber attacks. The task force will be responsible for conducting risk assessments, developing best practices for cybersecurity, and coordinating with other countries to share information and resources to combat cyber threats.

Additionally, the bill requires the Treasury Department to report to Congress on the progress of the task force and the implementation of the cybersecurity strategy. This reporting requirement is intended to ensure transparency and accountability in the efforts to protect SWIFT from cyber threats. Overall, the SWIFT Act is a bipartisan effort to strengthen the security of the global financial messaging system and protect against cyber attacks that could have serious implications for the stability of the international financial system.