Sia Partners listed as a supplier in SWIFT directories

While the upcoming Customer Security Control Framework mandates independent assessment for all SWIFT users, Sia Partners has expertise with regards to the Customer Security Program, enabling us to best assist users in assessment of security controls.

Following an upsurge in cyber-attacks targeting banks via the SWIFT system in recent years, including the cyber heist against the Central Bank of Bangladesh that resulted in a loss of $81 million in 2016, SWIFT has strengthened its cybersecurity measures to ensure better user protection. After the release of a mandatory software update, SWIFT announced the implementation of a Customer Security Control Framework (CSCF) from 2017, which has been progressively reinforced in order to integrate more security controls each year mandatory.

Sia Partners is available to SWIFT users to support them in their security control assessments; and this in a context of a threefold increase in cyber-attacks against financial institutions since confinement and an increased use of teleworking by banks

Evolution of SWIFT requirements and compliance risks

SWIFT’s Customer Security Program (CSP) is evolving, with the addition of a mandatory annual independent review for all SWIFT users. This assessment can be carried out by an external service provider or by a function independent of the company. However, it should be noted that due to the Covid-19 health crisis, SWIFT has announced that the assessment required for the year 2020 will be based on the 2019 benchmark. The requirements initially planned are postponed for one year. , in addition to new requirements introduced in 2021.

These requirements are of major importance for SWIFT users, as in the event of non-compliance with the new control framework, SWIFT could report misconduct to the local supervisory authority and inform users of the SWIFT network.

The expertise of Sia Partners and its global intervention capacity

Sia Partners has already worked on several assignments related to the CSP program, which provides our teams with in-depth knowledge in this area. In addition, Sia Partners has cybersecurity experts who have the most outstanding certifications and recognitions on the market (CISSP, CISM, CISA, ISO) and follow a program of continuous improvement of their skills and knowledge. In addition to this system, there is a team of 80 Data Scientists spread over 3 centers of excellence (Paris, Montreal and Amsterdam) who support all of our customers with their technological and regulatory issues.

Finally, Sia Partners is one of the few consulting firms to offer its services in Europe, North and South America, Asia-Pacific, the Middle East and Africa, and can thus meet the needs of its clients. in the whole world.

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