The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides secure and reliable communication networks for over 11500 connected financial institutions to facilitate cross-border payments and securities transactions.
But as digital thieves and cyberattacks became more sophisticated targeting the financial sector, it led to the rise of cyber security cases which is why SWIFT introduced the SWIFT Customer Security Programme (CSP), a set of cybersecurity requirements designed to protect the global financial ecosystem.
In today’s article, we will explore what SWIFT CSP is, its key objectives, the compliance checklist, and how VISTA InfoSec can help you with compliance requirements.
What is SWIFT CSP, and why it was introduced?
SWIFT CSP is a cybersecurity initiative established to ensure that financial institutions adopt strong data control measures to protect their environment against cyberattacks. It outlines 32 security controls with 25 mandatory controls and 7 advisory controls that financial institutions connected to the SWIFT network must implement to prevent cyber fraud and maintain the integrity of global financial transactions.
The reason why SWIFT took the initiative to introduce the Customer Security Programme (CSP) was due to a series of high-profile cyberattacks in 2016, particularly the Bangladesh Bank heist which revealed significant vulnerabilities within the local security measures of individual institutions.
Attackers exploited weak local security measures at individual institutions to send fraudulent SWIFT messages, resulting in substantial financial losses. These incidents highlighted the need for a unified security standard across all SWIFT users, and so in 2017 it launched the CSP with the following key objectives:
- Strengthening Security: Establishing a consistent baseline of security controls to secure SWIFT-related infrastructure.
- Detecting and Responding to Threats: Enhancing the ability of institutions to detect anomalies and respond swiftly to cyber incidents.
- Promoting Accountability: Encouraging financial institutions to take responsibility for securing their local environments and ensuring compliance through independent SWIFT CSP assessments.
SWIFT CSCF v2024 key objectives and principles
Below are the 3 key objectives and 7 principles, as defined in the updated SWIFT CSP framework.
1.Secure Your Environment
- Restrict Internet access & segregate critical systems from the general IT environment
- Reduce attack surface and vulnerabilities
- Physically secure the environment
2.Know and Limit Access
- Prevent compromise of credentials
- Manage identities and segregate privileges
3.Detect and Respond
- Detect anomalous activity in system or transaction records
- Plan for incident response and information sharing
SWIFT CSP compliance checklist
1. Governance and Oversight
- Establish a cybersecurity governance framework for SWIFT-related environments.
- Assign clear accountability for implementing and maintaining SWIFT security controls.
- Conduct periodic reviews of security policies and compliance measures.
2. Securing the Local Environment
a) Endpoint Protection:
- Ensure all SWIFT-related applications, systems, and interfaces are secured.
- Implement strong firewall configurations to prevent unauthorized access.
- Regularly patch and update software to address known vulnerabilities.
b) Physical Security:
- Restrict physical access to SWIFT-connected infrastructure.
- Use surveillance and access controls for server rooms and data centers.
3. Access Control
- Implement role-based access controls (RBAC) to limit access to critical systems.
- Use multi-factor authentication (MFA) for SWIFT interfaces and applications.
- Regularly review and update user access privileges.
- Disable unused or unnecessary accounts promptly.
4. Secure Messaging Practices
- Encrypt all financial messages transmitted over the SWIFT network.
- Monitor messaging flows to detect any anomalies or unauthorized activities.
5. Monitoring and Threat Detection
- Deploy tools for continuous monitoring of SWIFT-related environments.
- Implement anomaly detection systems to identify unusual patterns in transactions or system behavior.
- Conduct regular vulnerability scans and penetration tests.
6.Incident Management
- Develop and maintain an Incident Response Plan (IRP) specific to SWIFT environments.
- Test the IRP periodically to ensure its effectiveness in mitigating cyber incidents.
- Report security incidents to SWIFT promptly, as per the CSP guidelines.
7. Training and Awareness
- Conduct regular cybersecurity training for employees and stakeholders.
- Focus on phishing awareness, secure usage of SWIFT systems, and compliance with CSP requirements.
8.Annual Attestation
- Complete and submit the annual compliance attestation between July and December of each year through the SWIFT KYC Security Attestation application.
- Include evidence of control implementation and details of any compensatory measures.
- Share attestation results with counterparties as required.
How VISTA InfoSec can assist with SWIFT CSP Compliance?
VISTA InfoSec is recognized with SWIFT as an authorised auditing organisation. As a CREST-certified organization, VISTA InfoSec’s SWIFT CSP assessors bring extensive expertise in cybersecurity and compliance frameworks. Our team provides end-to-end support, starting with a comprehensive gap assessment to evaluate your current security posture against the requirements of the SWIFT Customer Security Controls Framework (CSCF).
Based on this analysis, we deliver actionable insights to address compliance gaps, implement mandatory and advisory controls, and strengthen your overall cybersecurity infrastructure. Our services are designed to ensure a seamless compliance journey, including policy reviews, risk-based control implementation, and ongoing guidance for annual attestations.
We are also offering ‘AuditFusion360’ a one-time audit service for all your compliance needs, including SWIFT CSP, PCI DSS, SOC 2, GDPR, ISO 27001, and more. This unique approach streamlines the compliance process, reduces redundancies, and saves time and resources by addressing multiple frameworks in a single engagement. So, partner with VISTA InfoSec to simplify your compliance efforts and fortify your cybersecurity posture while ensuring adherence to SWIFT CSP requirements.
Narendra Sahoo (PCI QPA, PCI QSA, PCI SSF ASSESSOR, CISSP, CISA, CRISC, 27001 LA) is the Founder and Director of VISTA InfoSec, a global Information Security Consulting firm, based in the US, Singapore & India. Mr. Sahoo holds more than 25 years of experience in the IT Industry, with expertise in Information Risk Consulting, Assessment, & Compliance services. VISTA InfoSec specializes in Information Security audit, consulting and certification services which include GDPR, HIPAA, CCPA, NESA, MAS-TRM, PCI DSS Compliance & Audit, PCI PIN, SOC2 Compliance & Audit, PDPA, PDPB to name a few. The company has for years (since 2004) worked with organizations across the globe to address the Regulatory and Information Security challenges in their industry. VISTA InfoSec has been instrumental in helping top multinational companies achieve compliance and secure their IT infrastructure.
