SWIFT publishes mandatory security controls

SWIFT, the global provider of secure financial messages services, are all set to name and shame those failing to meet their new 16 mandatory controls.
 
From January 2018, SWIFT will report the status of any non-compliant customers to their regulators, and randomly select customers who will be required to provide additional assurance either from their internal or their external auditors. (Read more here.)
 
They will also make your compliance status available to other members of the SWIFT community via the Know Your Customer (KYC) Registry.
 
The 16 mandatory and 11 advisory controls were released in November, and if you haven’t already reviewed them, you should be considering them as soon as possible. Now is the time to start thinking about your SWIFT environment and making sure that you are really meeting those basic cyber security controls, if you don't want to end up on SWIFT's and FCA's naughty lists.
 
While the focus is very much on SWIFT, don’t forget anything that connects to your SWIFT environment could be the easier route for the cyber criminals to take. You're only as good as the weakest link in the chain.
 
If you would like to discuss anything about SWIFTs new approach, please contact us. Our cyber security experts can help you better understand this change and address any concerns in an efficient and cost-effective manner.

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