According to the 2017 Trustwave Global Security Report, the finance and insurance industries were the targets of a whopping 14% of all cybercrime attacks in 2016. Additional research conducted by the Ponemon Institute revealed in a 2016 Cost of Data Breach Study that the financial services industry had the 3rd highest per capita data breach costs at $221. The Central Bank of Bangladesh in February 2016 lost $81 million to cybercriminals after access was gained to the bank’s SWIFT terminal.
Cybersecurity is a major challenge across the entire financial industry and the rising threat of cyber-attacks has never been more critical than it is right now. Considering this pervasive dilemma, there is an intense focus on security by the Society for Worldwide Interbank Financial Telecommunications (SWIFT). SWIFT’s most prominent new initiative is its Customer Security Program (CSP), which took effect in 2017. The SWIFT Customer Security Program (CSP) is designed to reinforce the security of the global financial system by supporting customers in their fight against cyber-fraud.
SWIFT states that, “customers are individually responsible for the security of their own environments, however, the security of the industry as a whole is a shared responsibility”.
Beginning the second quarter of 2017, all SWIFT customers must self-assess against 16 mandatory and 11 optional controls, referred to as the SWIFT Customer Security Controls Framework (CSCF). After this self- assessment, customers must then attest, on an annual basis, to complying with the CSCF. On January 1, 2018, SWIFT will begin enforcement via inspections and disclosures of businesses that are non-compliant with the new security standards. Businesses that are found to be non-compliant will be reported to their customers, regulators, and other SWIFT members.
How Wilson Consulting Group will help you
Wilson Consulting Group works with organizations to ensure they meet the new SWIFT CSP Objectives, Principles, and Controls ahead of the January 1, 2018 deadline. Our SWIFT Assessment Services include:
- Review your organization’s security posture relating to your SWIFT Payment and Wire Transfer processes.
- Conduct compliance tests using the SWIFT Customer Security Controls Framework.
- Conduct tests to evaluate any cyber threats and vulnerabilities to your Payment and Wire Transfer infrastructure.
- Perform analysis and develop an actionable report with clear and concise findings and recommendations.
- Provide a compliance dashboard that shows your organization’s overall compliance with the SWIFT CSP, PCI-DSS, and ISO 27002 controls.
Remediation of identified gaps is essential for every organization to do before hackers exploit their weaknesses.
- Our remediation services will remediate all identified gaps. The remediation of all identified findings will improve your organization’s security posture.
- Help organizations in preparing for and executing the SWIFT CSP attestation which includes self-attestation, self-inspection, and third-party inspection.
- Work with organizations to perform the initial December 2017 and subsequently annual self-attestations.
WCG’s goal is to ensure that our clients are compliant, secure, and protected so that their customers will feel assured. We are uniquely positioned to help based on our vast experience, knowledge, track record, and certifications.
With such continued threats in the financial industry, it is important that an organization retains a consulting firm that has what it takes to help them succeed. Financial institutions choose to work with us because of our:
- Unparalleled experience aiding governments and businesses around the world in defending themselves against cybercrime, reducing their risks, complying with regulations, and transforming their ITand security operations and infrastructure
- Trusted leadership from experienced and highly qualified assessors
- Hands-on, interactive compliance guidance conducted by security experts who have extensive knowledge and experience helping institutions
- Ability to exceed industry requirements
- Exceptional reputation and track record
- Simple, straightforward pricing with no hidden agenda, charges, or add-on fees whatsoever
- Personable, dedicated staff to answer any questions you have at any time throughout the process
WCG has assisted many organizations to detect, respond, and prevent cyber-attacks.
Contact Us Now to minimize cyber threats to your SWIFT Infrastructure!
We always put organizations first by making their security our top priority!