Assess and validate your organisation’s cyber security in line with SWIFT’s CSP framework
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) provides a communications network that enables banks and other financial institutions to share information about international financial transactions.
More than 11,000 organisations use SWIFT across 200 countries, making the system a lucrative target for exploitation by cybercriminals. With a number of recent high-profile attacks utilising the platform to make fraudulent payments, SWIFT has released a framework of controls to help reinforce the security of its members, and in turn the wider global banking system.
The SWIFT Customer Security Programme (CSP) is a framework designed to help financial institutions improve their cyber security posture. All SWIFT members must submit an annual self-attestation of compliance with the controls outlined in the framework.
SWIFT has stated that it will conduct random inspections on its members to ensure that they have appropriate cyber security controls in place, and will report any non-compliant organisations to industry regulators, such as the UK’s Financial Conduct Authority.
Managed security services to support SWIFT CSP compliance
The SWIFT CSP is articulated into three overarching objectives and split across 8 key security principles, with 27 controls in total.
There are 16 mandatory and 11 advisory security controls. Mandatory controls are designed to establish a security baseline for the SWIFT community, while advisory controls are based on recommended best practice but could become mandatory in the future.
Redscan offers a range of cyber security services to help organisations in the financial sector comply with the full spectrum of CSP controls and validate their annual self-attestations.
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