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Newsletter: SWIFT CSP: A change to reinforce the security of the global banking system

Secure the SWIFT Network

In 2016, users of Society for Worldwide Interbank Financial Telecommunication (SWIFT), Bangladesh, Vietnam and Ecuador suffered cyber-attacks and had huge financial losses. Due to the exponential increase of cyber-attacks and frauds against financial institutions, the same year, SWIFT introduced its own Customer Security Programme (CSP). The main goal of this programme is to ensure and improve the security level of each SWIFT customer to bring more confidence in the SWIFT’s network. To follow this aim, SWIFT proposed three guidelines: Secure your environment, Know and Limit Access, Detect and Respond.

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Excellium services newsletter : CSSF 20/750 : A new circular for your information security risks’management

On August 25, 2020, the Commission de Surveillance du Secteur Financier (CSSF) introduced and published a new circular (CSSF 20/750). This circular is applicable to all credit institutions, all Professionals of the Financial Sector (PFS), all payment institutions, and all electronic money institutions. The main objective is to implement the guidelines of the European Banking Authority EBA/GL/2019/04 relating to the management of risks linked to information and communication technologies (“ICT”) and security.

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Excellium services newsletter : Humans are the weakest link in the information security chain

We’re all human: we make mistakes. Unfortunately, there will always be people trying to take advantage of our mistakes for their own benefit, which can cost our business tremendous financial loss. No matter how sophisticated our cyberdefenses are, how advanced our technologies are, how good our security practices are, we will always be constrained by this human factor.

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