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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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