The SWIFT Customer Security Programme (CSP) aims to enhance the security of interactions within the SWIFT network and protect financial entities against cyber threats and fraud.
Meeting SWIFT CSP requirements can help your organization improve overall cybersecurity resilience, avoid fines and penalties, and emphasize reliability to customers.
Benefits of using Syteca for SWIFT CSP compliance
Enhance organizational security
Detect insider threats
Avoid fines and lawsuits
Secure access to financial data
Prevent data breaches
Promptly respond to incidents
Who does SWIFT CSP apply to?
SWIFT CSP applies to financial institutions and organizations that use SWIFT services for financial messaging and transactions:
Banks
Credit unions
Securities firms
Corporate treasuries
Payment processors
Financial service providers
Key objectives of SWIFT CSP
SWIFT CSP incorporates the Customer Security Controls Framework (CSCF) that defines the security controls and guidelines financial institutions need to implement to secure their SWIFT-related operations. SWIFT CSCF translates 24 mandatory and 8 advisory security controls into the following objectives:
Restrict internet access and protect critical systems from general IT environment
Reduce attack surface and vulnerabilities
Physically secure the environment
Prevent compromise of credentials
Manage identities and separate privileges
Detect anomalous activity to systems or transaction records
Plan for incident response and information sharing
Comply with SWIFT CSP using Syteca
Syteca is a universal insider risk management platform designed to deter, detect, and disrupt human-related threats in your IT environment. Ensure secure SWIFT infrastructure management, meet most SWIFT CSP requirements, and protect your organization’s sensitive assets by deploying Syteca. Here’s how:
Detailed mapping of SWIFT CSP security controls to Syteca features
Know and limit access
Security control required by SWIFT CSP
Corresponding Syteca functionality
Security control required by SWIFT CSP
1.1 SWIFT environment protection
MANDATORY
Ensure protection of the user’s SWIFT infrastructure from potentially compromised elements of the general IT environment and external environment.
Corresponding Syteca functionality
Protect the SWIFT secure zone by setting up a jump server and providing access to it only to trusted administrators (see Architecture type A).
Simplify the deployment of Syteca in your virtual environment by integrating it into the VM’s golden image and configuring flexible floating licensing.
Security control required by SWIFT CSP
1.4 Restriction of internet access
MANDATORY
Control/protect internet access from operator PCs and systems within the secure zone.
Corresponding Syteca functionality
Use Syteca’s PAM module to configure access to resources via a jump server that has no internet access.
Leverage Syteca Connection Manager to replace the Windows Shell so that users won’t be able to access the internet.
Security control required by SWIFT CSP
1.5 Customer environment protection
MANDATORY
Ensure the protection of the customer’s connectivity infrastructure from an external environment and potentially compromised elements of the general IT environment.
Corresponding Syteca functionality
Protect the customer environment by providing user access with the help of Syteca Connection Manager.
Security control required by SWIFT CSP
2.1 Internal data flow security
MANDATORY
Ensure the confidentiality, integrity, and authenticity of application data flows between a user’s SWIFT-related components.
2.6 Operator session confidentiality and integrity
MANDATORY
Protect the confidentiality and integrity of interactive operator sessions connecting to SWIFT infrastructure.
Corresponding Syteca functionality
Capture user activity inside operator sessions while ensuring complete confidentiality of personally identifiable information with monitored data anonymization.
Safeguard session data from unauthorized access or manipulation with Syteca’s access management capabilities, encryption, and tamper-proof audit trails.
Security control required by SWIFT CSP
2.8 Outsourced critical activity protection
MANDATORY
Ensure the protection of local SWIFT infrastructure from risks related to outsourcing of critical activities.
Ensure outbound transaction activity within the expected bounds of normal business.
Corresponding Syteca functionality
Leverage user activity monitoring and access management to limit user access to specific parts of the system, ensuring that only authorized individuals can conduct business with approved entities.
Rotate account credentials automatically without users’ involvement.
Detect and respond
Security control required by SWIFT CSP
Corresponding Syteca functionality
Security control required by SWIFT CSP
6.4 Logging and monitoring
MANDATORY
Record security events and detect anomalous actions and operations within the local SWIFT environment.
Corresponding Syteca functionality
Monitor user activity and watch live and recorded user sessions inside your local SWIFT environment.
Log user sessions in a searchable screenshot format indexed with multilayer metadata, including names of launched applications, visited URLs, entered commands, and typed keystrokes.
Collect encrypted logs of all changes in Syteca configurations to increase accountability of your system administrators.
Security control required by SWIFT CSP
6.5A Intrusion detection
ADVISORY
Detect and contain anomalous network activity within the on-premises or remote SWIFT environment.
Corresponding Syteca functionality
Get real-time notifications on security events with the help of Syteca’s customizable user activity alerts.
Leverage Syteca’s AI-powered user and entity behavior analytics (UEBA) module to automatically detect anomalous user behavior such as logging into the system outside of work hours.
Security control required by SWIFT CSP
7.1 Cyber incident response planning
MANDATORY
Ensure a consistent and effective approach to managing cyber incidents.
Corresponding Syteca functionality
Ensure a prompt response to detected threats and security incidents by blocking users, restricting forbidden USB devices, and killing suspicious processes.
Gather all security-related information in one place by integrating Syteca with your SIEM and ticketing system.
Evaluate the organization’s risk and readiness based on plausible cyber attack scenarios.
Corresponding Syteca functionality
Conduct security audits to assess the effectiveness of your organization’s security measures against different cyber attack scenarios and identify potential vulnerabilities.
Deployment schemes
Architecture Type A: SWIFT Infrastructure within User Location
Architecture Type B: SWIFT Infrastructure outside User Location
Why Syteca?
Easy maintenance and deployment
Flexible licensing
Enterprise-ready
24/7 support from in-house team
Lightweight software agent
Highly optimized data storage formats
Complete server and desktop OS support
Privacy protection with user data anonymization
FAQ
SWIFT CSP, or SWIFT Customer Security Programme, is a comprehensive cybersecurity framework developed to enhance the security practices of financial organizations using SWIFT transactions. SWIFT CSP incorporates the Customer Security Controls Framework (CSCF), which establishes security controls and guidelines for financial institutions to protect against cyber threats. SWIFT CSP also includes guidelines and self-attestation requirements to mitigate cybersecurity risks within the SWIFT network.
Non-compliance with SWIFT CSP can have negative consequences for a financial organization, including reputational damage, legal liabilities, and even fines. The SWIFT Customer Security Programme itself can’t impose financial penalties on organizations. However, failure to secure sensitive financial data may result in fines and penalties imposed by other cybersecurity laws and regulations for the financial sector. In some severe cases of non-compliance, SWIFT may suspend an organization’s ability to conduct international financial transactions using the SWIFT network.
One of the most common challenges with meeting the requirements of SWIFT CSP is allocating the necessary resources. Finding financial, technological, and human resources and justifying them to the board can be difficult. Implementing the necessary cybersecurity measures described by SWIFT may require significant investments. It may also be challenging to track and understand the specific controls SWIFT CSP requires. Hiring external SWIFT CSP consultancy services and implementing all-in-one cybersecurity solutions like Syteca can help your organization cover the majority of requirements.
Since 2022, SWIFT requires organizations to support their self-assessments with SWIFT independent assessments. An independent external assessor should evaluate your financial institution’s compliance with SWIFT CSP requirements. Your organization can choose from a list of approved SWIFT CSP auditors or select your own assessor. Performed annually, the SWIFT CSP audit includes making an on-site assessment of your cybersecurity controls, conducting a compliance gap analysis, and compiling a detailed assessment report. Based on this report, your organization creates an action plan to address any gaps between your organization’s security measures and controls required by SWIFT CSP. Once your independent audit is finished, you provide a summary of the assessment and your remediation efforts to SWIFT.
Yes. SWIFT Customer Security Controls Framework requires organizations to restrict internet access and create a SWIFT secure zone to protect SWIFT-related critical systems from the general IT environment. It’s a segregated environment with only necessary payment systems and software that are protected by firewalls. Another essential measure enforced by SWIFT CSP is implementing identity and access management controls, including two-factor authentication, to ensure the principle of least privilege. Finally, SWIFT CSP requires financial organizations to implement security measures such as continuous user activity monitoring and robust threat detection to be able to promptly identify and respond to security threats. Syteca‘s robust insider risk management functionality can help your organization implement most SWIFT security requirements and secure sensitive financial data.
Contact our team to learn how our insider risk management software can safeguard your organization’s data from any risks caused by human factors. Book a call with us at a time that suits you best, and let’s explore how we can help you achieve your security goals.
