Until 2019, as an approved CSSP (Cybersecurity Service Provider), QRC helped financial institutions to review and assess their compliance with SWIFT CSP that provides additional layers of protection leveraging cybersecurity expertise gained over the past five years. Moving a step ahead, QRC got approved as SWIFT CSP Assessment Provider, making it one of the handful assessment service providers with the accreditation.
The SWIFT messaging network has been widely used for cross border transactions and wire transfers. With over 11000 financial institutions using SWIFT globally and in more than 200 countries, maintaining the cybersecurity defenses to combat the fraud becomes of prime importance for the enure financial industry.
With evolving threat landscape, SWIFT customers and users require to be proactive in maintaining their defense, owing to this rising need, SWIFT established a Customer Security Programme (CSP) to help its customers in the fight against cyber-attacks. As per the CSP program, the SWIFT users would need to mutually reinforce three areas.
- Protection and security of local environment (You),
- Prevention and detecting fraud in your commercial relationships (Your counterparts)
- Sharing information and preparing to defend against future cyber threats (Your community).
SWIFT CSCF Framework under CSP program consists of 19 mandatory controls and 10 advisory controls applicable to all SWIFT users. As SWIFT Assessor, QRC will analyse the infrastructure of the SWIFT users under both mandatory and advisory controls, and would provide a gap assessment report along with the remediation plan as per the initial and subsequent annual external assessments requirement. The user can then submit the results on the online portal, making the result visible to everyone.
For more information about QRC’s SWIFT Assessment services and offerings, please click here