SWIFT - Reinforcing the Security of the Global Banking System

June 25, 2021

The Society for Worldwide Interbank Telecommunications (SWIFT) is a global cooperative of financial and technology organizations which enables a standardized, reliable, and secure transmission of transaction messages. This includes provision of SWIFT-branded software components that communicate with the SWIFT network. In short, SWIFT facilitates financial transactions among participating member organizations across the globe.

As of July 2021, the SWIFT Customer Security Controls Framework (CSCF) will require an independent assessment under the guidance provided in the SWIFT Independent Assessment Framework (IAF). Let’s highlight and answer some of the more commonly asked question regarding compliance with the SWIFT CSCF under the IAF and discuss a few of the more challenging controls to implement.

In this whitepaper we'll show you;

  • What controls must be implemented,
  • What is changing with the 2021 version,
  • How you can attest, and
  • What is an independent assessment and what you can expect from one
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