An Overview: SWIFT Security Assessment

 


SWIFT Security Assessment

Society for Worldwide Interbank Financial Telecommunications (SWIFT) has developed a security structure for each of its members as part of its Customer Security Program, or SWIFT CSP, that addresses its rising demands for safety and openness as a society to fight the rise in cybercrime. The SWIFT CSP program uses a set of required security controls (SWIFT(CSCF)) and a community-wide data-sharing effort to identify and mitigate fraudulent behavior.

SWIFT, being the world's largest international payment system, has struggled as a result of technological advancements over the decades, and to address the rising threat account, SWIFT has developed a set of Goals, Standards, and Policies under its Customer Service Control Framework (CSCF). Experts will assist you in validating effective control compliance with the SWIFT CSP principles and will engage with your corporate audit department as an accredited SWIFT Assessment Service.

SWIFT security assessment and CSP is for whom?

Any company that uses the Society for Worldwide Interbank Financial Telecommunication (SWIFT) interbank communication system must adhere to the new cybersecurity requirements, and also a "certification structure" which goes along with them. According to the latest update, any business wishing to become SWIFT security assessment qualified must take the following stages:

Self-assessment as according to the SWIFT Customer Security Controls Framework (CSCF) :

Annual environmental evaluation against 19 obligatory and 10 recommended measures following best standards.

Self-attestation according to the SWIFT Customer Security Controls Policy:

Even before the yearly deadline, every user must provide a self-attestation following the controls set depending on the analysis results.

Moreover, all posted attestations for CSCF must be assisted by an independent analysis – either from within, by a 2nd or 3rd line of defensive strategy, to ensure the total dignity of attestations throughout all clients.

In addition, specialists may assist in the relevant areas:

User Behaviour Monitoring and Transactional Monitoring:

Compliance with CSP rules 6.4 as well as 2.9A to aid in the detection and prevention of fraud in live time, as well as the provision of warnings for suspicious activity.

Data Security in Travel:

By using a digital certificate to authenticate and safeguard the integrity of communications, documents, and activities, helps to comply with CSP rules 2.4A and 2.5A.

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