Global banks need to do more to protect themselves fromcyberattacks after a “significant evolution” in the threat level inthe last 18 months, according to the SWIFT global paymentsnetwork.

Hackers are deploying increasingly sophisticated ways ofbreaching banks' cyber defenses to launch finely orchestratedattacks, SWIFT said in a report co-written with defense contractorBAE Systems. Intruders can spend more than a year reconnoiteringtargets once they have gained access to their computer systems, thereport said.

“Evidence from recent cases clearly demonstrates the attackers'adaptability, patience, determination and growing sophistication,”the Society for Worldwide Interbank Financial Telecommunication andBAE Systems said in the report. “The rise in the threat levelrequires an equally concerted response.”

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