An introduction to SWIFT Customer Security Controls Framework (CSCF)
The financial sector continues to be a prime target for highly sophisticated, customized cyberattacks. The Society for Worldwide Interbank Financial (SWIFT) interbank messaging network has come under Telecommunications attack, resulting in millions of dollars in losses for member financial institutions.
In response, SWIFT has introduced a Customer Security Program (CSP) with a goal to strengthen the cybersecurity posture of the SWIFT payment network by increasing the cyber maturity of its members. As part of the CSP, SWIFT developed the Customer Security Controls Framework (CSCF) — a set of control guidelines for SWIFT members on how to securely operate their SWIFT environment.
The industry is undergoing rapid transformational change and innovation, along with the increased scrutiny from regulators, and the evolving SWIFT framework pose significant risks to financial organizations to protect the authentication, integrity and confidentiality of transactions and their underlying technology platforms.
Director and Head of Risk Consulting
KPMG in Kuwait