Technology & Cyber Risk Management

SWIFT Customer Security Programme

Technology & Cyber Risk Management-1

What is SWIFT Customer Security Programme?

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) Customer Security Programme (CSP) seeks to maintain appropriate cyber security hygiene across all users, reduce the risk of cyber-attacks and minimise the financial impact of fraudulent transactions. 

The SWIFT CSP establishes a common set of security controls known as the Customer Security Controls Framework (CSCF) which is designed to help users to secure their own environments and to foster a more secure financial ecosystem. 

As a user of SWIFT CSCF, you must certify compliance each year (anytime between 1 July and 31 December) against the 32 security controls (25 are determined as Mandatory and 7 are Advisory controls). Users must identify their Architecture Type to determine the relevant controls needed (5 SWIFT Architecture Types exist).
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The challenges

If the SWIFT requirements are not met this can result in reporting to the regulator(s) and removal of the SWIFT services. The key challenge for organisations include:

  • Identifying the appropriate option to achieve ongoing SWIFT compliance.

  • Leveraging other assurances that may already exist to meet all payment certification requirements.

  • Budgets aren’t infinite, therefore leveraging the most cost-effective option that minimises costs and team disruption.

How to solve it

We can provide tailored support to: 

  • Advise you on the optimal Architecture Type to ensure the most cost-effective implementation that meets the SWIFT CSCF requirements. 

  • Assist you by performing a SWIFT CSCF readiness assessment, advising early on any remediation activity needed to address the gaps identified. 

  • Complete an independent SWIFT CSCF annual assessment or collaborate with your own in-house assessment team to offer SME guidance, support and quality assurance activity over your in-house assessment. 

  • Provide you with an independent benchmarked DCR Partners report (in addition to the standard SWIFT CSCF deliverables) that outlines how your security compares to others within the sector, and also provide wider insights and practical recommendations for improvement based on our observations.  
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The benefits of our services

We offer an alternative and cost-effective option. We’ll always seek to build your own internal capability for the long term, ensuring knowledge and skills transfer with your own team. 

By working with us you’ll gain confidence that your controls are designed, implemented, and operating effectively in line with the SWIFT CSCF, while also ensuring this is achieved in a cost-effective manner. 

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