White paper

LogRhythm for SWIFT

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This white paper looks at how cybercriminals can exploit SWIFT, as well as the details of the Customer Security Controls Framework and how organisations can meet its requirements.

Wed 1 Aug 2018 @ 17:15

SWIFT (Society for Worldwide Interbank Financial Telecommunication) facilitates a huge number of financial transactions every day for banks and other financial players via its secure messaging system.

With the SWIFT network moving huge sums every day, cybercriminals have targeted its members in successful attempts to dupe them into making transfers of funds in good faith. For example, the compromise suffered by Bangladesh Bank in 2016, which resulted in the theft of millions of dollars.

The Customer Security Controls Framework (CSCF) implemented by SWIFT, and to which all members must adhere, is designed to mitigate these risks. The CSCF has three objectives, each with eight principles, which in turn are mapped to 27 corresponding controls.

In order to comply and attest their level of compliance to these security controls, member organisations need an integrated multi-pronged approach to security which achieves the kind of network-wide access required.