Organizations that use the SWIFT interbank messaging network must comply with its new cybersecurity standards and assurance framework by January 2018.
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?
Take a look at our publication to find out more about the new regulations and how we can help you be compliant.
Cyber Emergency? Contact our 24/7 Cyber response hotline:
1-844-KPMG-911 / 1 (844) 576-4911