SWIFT
What is SWIFT CSP Compliance
The SWIFT Customer Security Programme (CSP) is a critical framework designed to enhance cybersecurity across the global financial network. As a SWIFT user, your organization is required to attest compliance annually with the Customer Security Controls Framework (CSCF). Our expert consultants can guide you through the assessment process, ensuring your SWIFT-related infrastructure meets the highest security standards.
Why is Compliance with SWIFT Important?
The SWIFT system manages almost every international money and security transfer in the world. The SWIFT system is a vast messaging network used by banks and other financial institutions to quickly, accurately, and securely send and receive money transfer-related information. The system processes over 46 million transactions per day through its network.
SWIFT is a member-owned cooperative that provides safe and secure financial transactions for its members. Their membership consists of more than 11,500 institutions in over 210 countries. Almost all forms of financial institutions from banks to security dealers, to asset management companies, etc., are in some way using one or more of SWIFT services.
SWIFT institutions are required to self-attest against the CSCF v2024, which comprises 3 overarching objectives, 7 principles, and a maximum of 32 controls, with comprehensive implementation guidelines by the architecture type. In addition, all institutions are required to perform an independent assessment to demonstrate their compliance with SWIFT CSCF v2024.
Objectives
Principles
Controls
Secure Your Environment
- Restrict Internet access and protect critical systems from general IT environment.
- Reduce attack surface and vulnerabilities.
- Physically secure the environment.
13 Mandatory
4 Advisory
Know and Limit Access
4. Prevent Compromise of credentials.
5. Manage Identities and separate privileges.
5 Mandatory
1 Advisory
Detect and Respond
6. Detect anomalous activity to systems or transaction records.
7. Plan for incident response and information sharing.
6 Mandatory
3 Advisory
SWIFT Architecture Types
The scope and applicable controls for your assessment depend on your SWIFT architecture type:
Type A1
User owns communication and messaging interface.
Type A2
User owns messaging interface, not communication interface.
Type A3
User employs SWIFT connector for application-to-application communication.
Type A4
User connects via application-to-application with service provider hosting.
Type B
User has no SWIFT-specific infrastructure, uses GUI or API access.
Review your SWIFT architecture and determine applicable controls. Discuss if the scope is only mandatory controls or also advisory controls.
Define the scope and schedule of the assessment to perform.
Create a Document Request List to gather relevant documentation and evidence for each control objective to test.
Analyze provided evidence for compliance with CSP controls
Identify gaps and areas requiring further investigation or additional evidence
Conduct in-depth discussions with key personnel to gain a better understanding of the specific SWIFT architecture and overall environment.
Perform control testing to evaluate the level of implementation and alignment with control objectives.
Compile findings into a comprehensive CSP Assessment Report.
Provide an Independent Assessment Report and Completion Letter.
Support drafting of your KYC-SA attestation.
Why Choose Our SWIFT CSP Assessment Services?
Expertise
Our team includes certified SWIFT CSP assessors with deep knowledge of financial sector cybersecurity.
Comprehensive Approach
We evaluate both mandatory and advisory controls, providing a holistic view of your security posture.
Actionable Insights
Receive detailed recommendations to enhance your SWIFT-related security measures.
Compliance Assurance
Ensure your attestation meets SWIFT’s stringent requirements.
Efficiency
Leverage our experience to streamline the assessment process and minimize disruption to your operations.
Ready to evaluate Your SWIFT Environment and ensure compliance with SWIFT requirements?
Contact us today to schedule your SWIFT CSP assessment and ensure your financial transactions remain protected in an ever-evolving threat landscape.