Strengthening Endpoint Security

Within the programme, the Customer Security Control Framework (CSCF) establishes a new minimum security baseline. The baseline goes beyond SWIFT software and technology, defining control objectives and risk drivers across people, process and physical controls. Compliance to this baseline is determined through self-assessment by SWIFT users or by independent assessors. Published and consumable by regulators and counterparties in an online KYC Security Attestation (KYC-SA) application, this data has become valuable input in determining counterparty risk.

A new Payments Control Service (PCS) was launched in 2018, enabling real-time screening of anomalous transactions. This cloud-based, zero-footprint solution allows customers to define their own rule sets and screen for transaction values and volumes, business hours, suspicious accounts, currencies, countries, and other uncharacteristic behaviors.

The SWIFT global payments initiative (GPI) is transforming correspondent banking. By establishing a unique transaction reference number across the chain of counterparty banks, it enables faster,efficient payments combined with transparency of transactions and fees across the payments chain. The GPI Stop & Recall service is a powerful automated tool in stopping fraudulent transactions before they reach mule accounts.

Cyberattacks are inevitable, and cybersecurity should be assumed as part of the cost of doing business in a digital economy. While SWIFT continues to do its part and invests heavily in raising awareness, providing new tools and intelligence, to effectively responding to these threats requires collaboration between all stakeholders. Financial institutions, their vendors, regulators, and government agencies must co-create new tools, establish market practices for information sharing and practice incident responses together.

To conclude, cybersecurity is the responsibility of the entire institution and should be a recurring Ex-ecutive and Board agenda item. Such a detailed review will strengthen operations capability, enabling effective fraud detection, response and recovery.

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