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Swift CSCF 2024: Updated Customer Security Control Framework

In the first part of our blog series, “Overview of the Swift CSP 2024 Updates” we delved into the latest updates in controls as a proactive response to combat various cyber heists. This blog focuses explicitly on our in-depth understanding of the complex cybersecurity challenges pervasive in this field. ECS Fin has a unique set of credentials that performs assessments of operational and security providers against a framework based on Swift CSCF 2024. We are committed to assisting you through each stage, guaranteeing a smooth and prosperous attestation for Swift’s Customer Security Programme (CSP).

Swift CSCF 2024: Updated Customer Security Control Framework

What happens if you don't submit your Swift CSCF 2024 attestation?

The introduction of Swift’s Customer Security Programme Assessor Certification marks a substantial advancement in bolstering the security of financial messaging services. This framework not only boosts the confidence and consistency of Swift users but also grants them access to certified assessments. Failing to comply with the standards, Swift holds the right to report the organizations to the industry regulators.

You violate the policy of the Swift CSCF 2024 if you:

• Do not meet the mandatory controls.

• Connect through a non-compliance service provider.

• Fail to complete the mandatory SWIFT CSCF assessment.

• Invalid certificate: you did not submit the attestation, or the attestation is expired.

Implementation and compliance plan

For the corporations and financial institutions facing the Swift CSP 2024 controls deployment process, ECS Fin has developed a radical constructive strategy to facilitate the security control lifecycle. We religiously follow PDCA- (Plan- Do- Check -Act) to support the Customer Security Program (CSP) tested against a set of criteria that is reviewed every year to help ensure that certification criteria remain appropriately aligned with the evolution of Swift user needs. Let’s uncover every aspect of this framework in detail.

Swift CSCF 2024 Updated Customer Security Control Framework

Plan:

This phase operates within a meticulously designed framework, establishing the strategic, tactical, and operational objectives of the process to assess controls and evaluate architectural styles for subsequent remediation processes. The key steps within this phase include:

• Determining the resources involved in the project, whether internal or external.
• Identifying Swift CSCF 2024 controls based on the architectural type.
• Prioritizing all mandatory controls and conducting a feasibility analysis of recommended ones.
• Identifying existing security controls in the environment.
• Integrating Swift CSCF 2024 controls with other regulatory frameworks or security standards applicable to the organization, such as ISO/IEC 27002, PCI DSS, and NIST CSF.

Do

This phase typically represents the activities that need to be done:

• Execution of compliance scope.
• Deployment of SWIFT CSCF (Customer Security Control Framework) Security Controls.
• Implementation of mechanisms for detecting abnormal activities in operations.
• Management of multi-factor authentication to enhance security.

This phase marks the concrete realization of the strategies and plans laid out during the planning stage.

Check

In the checking phase, the emphasis is put on validating the accurate execution of tasks according to the established planning and objectives. This phase involves:

• Assessment and execution of the incident management plan.
• Scrutiny and enforcement of policies to ensure adherence.
• Implementation of measures to safeguard critical systems within the IT environment.
• Oversight of application lifecycle management and systematic patching of systems.
• Establishment and enforcement of secure zone allocation and segregation for Swift environments.

This phase serves as a critical checkpoint to identify any deviations from the planned objectives.

Act

The acting phase (ACT) focuses on addressing and correcting any issues encountered during the previous stages. This involves:

• Correction of non-compliance issues identified during the checking phase.
• Analysis and evaluation of the upcoming release of SWIFT CSCF (Customer Security Control Framework).

Additionally, this phase involves taking proactive steps for continuous improvement and optimizing the system based on the insights gained from the entire process.

ECS's CSP services are crafted to offer essential support, enabling tangible enhancements to your organization's cybersecurity posture.