Why Do You Need Swift Assessment Services?

Swift Assessment Services

SWIFT is Society for Worldwide Interbank Financial Telecommunications and it is a security framework for all the users for addressing the need of security and transparency and to combat cyber frauds. It helps to detect and prevent cyber frauds by means of a set of mandatory security controls and community wide information sharing. This has been put forth under its customer security program (SWIFT CSP).

Due to the advancement in technology and to combat cyber frauds SWIFT has defined a set of objectives, principles and controls under its Customer Service Control Framework (CSCF). The assessment of the local environment is done against 19 mandatory and 10 advisory controls as per best practices.

An organization that uses SWIFT will have to comply with the cybersecurity standards. They will have to undergo SWIFT assessment and annual SWIFT attestation. There are providers who offer SWIFT assessment services for all compliance required as defined in SWIFT guidelines.

The providers help you to meet all the requirements ahead of the SWIFT’s required independent assessment. They help to validate all the successful alignment of controls with SWIFT and work alongside your internal audit.

SWIFT assessment process

The assessments are categorized into the following:

SWIFT mandatory

This is applicable to sample users and had to be assessed externally.

Community standard

This is applicable to all users and can be assessed externally or internally.

The scope of the review is assessed and the gap assessments are done. Well documented executive level reporting is done with milestones according to the SWIFT guidelines.

Help in the development of work streams that will help to address the gaps identified in technology and process changes.

The final Formal Assessment report is given along with the Completion letter and the Awareness training.

Benefits of SWIFT compliance

The financial institutions can avoid data breach complications and the costly fines. They can maintain a rigid framework to combat cyber frauds.

The institutions can increase customer security and the institution’s security management.

They can build their reputation in the SWIFT community.

They can enhance their security controls and their data management will be securely handled. This will lead to an increase in business.