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SWIFT Customer Security Program

SWIFT Customer Security Program

Organizations that use the SWIFT interbank messaging network must comply with its new cybersecurity standards and assurance framework by January 2018.


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SWIFT Customer Security Program

Is your organization ready for the new SWIFT Customer Security Program?

The Society for Worldwide Interbank Financial Telecommunication’s (SWIFT) Customer Security Program (CSP) was established to support customers against cyber-fraud. SWIFT released draft cybersecurity standards that will be finalized in March 2017, with inspections and enforcement beginning in January 2018.


What is the impact?

All organizations, not just financial institutions, that use the SWIFT interbank messaging network must comply with its new cybersecurity standards and a related “assurance framework”, or face being reported not just to regulators, but also other SWIFT members. SWIFT customers and members may also be required to provide a more detailed proof of compliance.


What is the SWIFT Customer Security Program?
The SWIFT Customer Security Program (CSP) requires each organization to define, document, implement and assess their payment processes and technologies against SWIFT’s set of Objectives, Principles and Controls – including 16 mandatory controls and 11 optional “advisory” controls.


How can KPMG help?

  • Targeted information gathering workshops with key Payment and Wire Transfer Business, IT, Legal, Compliance, Security, Privacy and Risk Management stakeholders
  • Evaluate your readiness to meet the new SWIFT CSP rules and attestation requirements. 
  • Implement new controls and remediation of existing controls within your organization’s Payment and Wire Transfer Processes.
  • Attestation services including Service Organization Control (SOC) reporting
  • Bridge the gap between actions taken to protect your information assets from unauthorized access, disclosure and associated defensibility in a legal or regulatory risk context.


Take a look at our publication to find out more about the new regulations and how we can help you be compliant.


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