SWIFT is the acronym for Society for Worldwide Interbank Financial Telecommunications. They provide a platform allowing financial institutions to exchange transaction details in a secure and standardized manner. However, in the wake of breaches in financial institutions over the past few years, the society has taken center stage. The rise in the number of SWIFT Audits are a consequence of this.
Financial institutions within the SWIFT network are responsible for their internal security. However, SWIFT does lend its support in the fight against cyber-attacks. In doing so, they have introduced 16 mandatory and 11 optional security controls. These controls are applicable to all its customers.
Customers are required to meet the controls and share their results with counterparts and regulators. Finally, the attestation of the controls is performed. This can be accomplished via self-assessment, internal audit or through a qualified third party/auditor.
How Can Panacea Help?
Panacea InfoSec brings a team of expert auditors experienced with the nuances of SWIFT controls. We have proven our technical expertise on different projects and received referrals because of it. Furthermore, we can tailor the approach based on your unique environment and requirements. Engaging our SWIFT Audit services can ensure that your transactions stay compliant and secure.