Why Would Your Business Need A SWIFT Security Assessment?

SWIFT Security Assessment

To address the needs of the security and transparency and to combat cyber frauds a security framework was put forth called SWIFT - Society for Worldwide Interbank Financial Telecommunications. The security framework has been put forth in its Customer Security Program (CSP).

SWIFT is the largest international payment network and due to the advancement in technology it is necessary to fight the cyber fraud threats. It has put forth Objectives, Principles and Controls under its Customer Service Control Framework (CSCF).

A SWIFT compliance provider can help to test your alignment of controls as per the SWIFT CSP guidelines. SWIFT security assessments have to be done annually by all its customers and the results can be shared with the SWIFT community as per the community policy. The assessment process completes all the compliance requirements as per the defined SWIFT guidelines.

SWIFT assessment

The assessment is as per the program and is categorized as follows:

SWIFT mandatory

This is for the sample users and has to be assessed externally.

Community standard

It is for all users and can be assessed internally or externally.

The assessment and the gap analysis is done as per the defined plans. Well documented executive level reporting is done as per SWIFT guidelines and with milestones.

It is necessary to address the gaps identified in both technology and the process changes. Workstreams are developed for this.

Control verification is done to validate the compliance and third party controls as per the recognized standards (For example, ISAE3000).

The findings are documented as per the standard templates and forms.

Finally the Formal Assessment Report is given along with the Completion letter and the Awareness Training.

Advantages of SWIFT compliance

Being SWIFT compliant will help to avoid the breaches and the penalties. It will help to maintain a rigid framework to fight cyber frauds.

It will help to improve the customer security and the organization’s security status.

It will help to build and increase your reputation among the SWIFT community.

It provided enhanced security controls which assure that the data management is handled securely.

Complying with SWIFT may lead to an increase in business.