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What is Swift CSP?Swift CSPWhat is Swift CSP?

What is Swift CSP?

SWIFT CSP Assessment Service in Bahrain

The Swift Customer Security Programme (CSP) is a crucial cybersecurity initiative within the global financial industry. Swift, which stands for the Society for Worldwide Interbank Financial Telecommunication, is a network that facilitates secure communication and information exchange for financial institutions. The primary aim of the Swift CSP is to enhance the security and reliability of this network by implementing a set of mandatory security controls, initiatives, and product features.

The financial sector, due to its significance and extensive use of the Swift infrastructure, has frequently been targeted by cybercriminals. In response to this, Swift continually updates its CSP to protect against security threats and fraudulent financial activities.

The latest updates to the Swift CSP, implemented in 2023, represent an ongoing effort to fortify the banking community against cyber threats. These updates aim to maintain the security standards of the financial sector and are essential for all Swift members using Swift services to adhere to.

Updates for 2023: Swift CSCF

The most recent version of the CSCF was released on October 21st, 2022. Swift users must submit their CSP attestation before December 31st, 2023 against the security controls listed in the 2023 version of the CSCF.

The following items detail the major updates included in the CSCF for 2023:

•Control 1.5A was promoted to a mandatory control

•No new advisory controls were introduced

•Many clarifications were provided related to the new PED-less HSM, application containerization, usage of ancillary services, accesses to the central RMA portal, MFA solutions and more

One of the key changes is the promotion of Control 1.5A from an advisory control to a mandatory one. This control focuses on protecting a customer’s connectivity infrastructure from external threats and identifying potential vulnerabilities in the overall IT environment. It emphasizes creating a clear separation between a customer’s Swift connectivity infrastructure and the rest of their enterprise network, achieved through network-level separation, access restrictions, and connectivity restrictions.

Ensuring compliance with these updates requires a deep understanding of Swift systems and cybersecurity expertise. Organizations can seek assistance from Swift Service Bureaus with certified Swift experts to navigate the CSP process, assess their compliance, and implement any necessary security measures.

In summary, the Swift CSP is a critical cybersecurity framework that safeguards the global financial sector by continuously enhancing security measures within the Swift network. It serves as a defense against cyber threats and fraudulent activities in the banking industry.

Ensuring compliance with these changes requires high-level Swift expertise and cyber-security knowledge. As a long-standing Swift Service Bureau with certified in-house Swift experts, #Deverra can help your organization ensure you are up to date with the CSCF, and help you complete the Swift CSP attestation. Our assessment models can be modified to begin with a fundamental evaluation of your Swift CSP certification and controls, which go all the way to assisting with remedial efforts if required.

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