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.
Cyber security 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”.
By December 31, 2017, all SWIFT users must self-assess their SWIFT local environment against the 16 mandatory 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 controls.
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 local supervisors.
WCG’s goal is to ensure that our clients are compliant, secure, and protected so that their customers will feel assured.
Based on our vast experience, knowledge, track record, and certifications, we are listed in the SWIFT provider directory as an official SWIFT Cyber Security Service provider.Learn more Download Service Brief
WCG’s goal is to ensure that our clients are compliant, secure, and protected so that their customers will feel assured. Based on our vast experience, knowledge, track record, and certifications, we are listed in the SWIFT provider directory as an official SWIFT Cyber Security Service provider.
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:
WCG has assisted many organizations to detect, respond, and prevent cyber-attacks.
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WCG offers solutions that can help defend your organization’s vital systems from threats & attacks...
WCG works with organizations to ensure they meet the new SWIFT CSP Objectives, Principles, and Controls...
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