How It Works

Dealing with payment fraud is a major challenge for the financial industry as a whole. As the nature of the threat is ever-evolving, SWIFT, as well as the customer community, needs to maintain constant vigilance, in both the long and short terms.

The SWIFT CSP is designed to help customers in the battle against cyber-attacks and payment-related frauds.

The primary focus of the SWIFT CSP is around three major areas.  These areas are given below: 

You - where customers need to protect and secure their local payment environment.
Your counterparts - which deals with scrutinizing commercial relationships for fraud detection and prevention.
Your Community - which involves regular information sharing with peers and preparing to defend against future attacks.

  • You: Involving Security And Protection

    One of the essential requirements for dealing with cyber-fraud is the protection of local SWIFT infrastructure. This can be achieved by utilizing the correct people, practices and policies. To help the industry do just that, SWIFT has created a set of mandatory security controls that are an addition to SWIFT's existing security guidance. These controls take into account up-to-date intelligence on cyber-fraud. What's more, they are also assessed and reviewed by independent industry experts.

  • Your Counterparts: Involving Fraud Detection And Prevention

    It's a fundamental truth of the business ecosystem that no player can operate in isolation. All businesses are part of a community and must be viewed as such. In the same light, SWIFT's users form a major ecosystem, which needs to be protected constantly. Despite having adequate security measures, one can never be fully sure that they are 100% protected against acts of digital villainy. For this reason, it's vital to pay special attention to managing security-related risks when dealing with business associates. This involves taking cognizance of security in case of the self as well as partner institutions.

  • Your Community: Involving Sharing And Preparation

    The global financial industry is one big family. As a result, the cyber challenges it faces are also similar. What befalls a business in one part of the world can be easily replicated in another. That's why in case a business suspects that they have been breached, it's essential that they share all concerns and related information with the SWIFT authorities. What's more, businesses are expected to prepare for all eventualities and act in a timely manner.

Who Is It Meant For?
Any business or financial organization that makes use of the SWIFT network needs to conform to the CSP guidelines. These organizations must comply with the latest cybersecurity standards, and also conform to the associated assurance framework.

Benefits Of SWIFT CSP Compliance

  • Non-compliance with SWIFT CSP norms can invite financial penalties as well as legal ramifications. Regular and timely compliance can help in avoiding any such hassles.
  • Allows the avoidance of data breach complications, and ensures the safety and security of financial assets.
  • Helps to maintain a solid framework for battling cyber-fraud. 
  • Proper compliance with CSP norms can help enhance customer security.
  • It also helps to give a positive fillip to the company's security posture.
  • Results in a good reputation across the SWIFT business community. This can help to bring in more business and build trust among business partners and customers alike.
  • Secure handling of data management practices.

How To Ensure SWIFT CSP Compliance

  • Identify, define, and determine the architecture of the local SWIFT infrastructure, and isolate it from the rest of the cyber-infrastructure.
  • Determine SWIFT CSP requirements that are applicable to local infrastructure.
  • Share relevant information with business associates and third parties involved with the business.
  • Revamp existing infrastructure, and put in place the required new systems for ensuring compliance.

The Desh Cyber Approach To CSP Compliance 

Unique Methodology
Desh Cyber's CSP Compliance methodology is a judicious mixture of on the job experience and domain expertise. We build upon the experience of past projects to implement future iterations with unmatched success. Extensive knowledge of the task allows us to complete the compliance process within reasonable timelines. All this is achieved without the need of inordinate costs on the customer side.

Our process begins with gaining an understanding of the client's existing payments infrastructure, and the current state of the CSP Compliance standards. Then, a gap analysis, together with the necessary steps to plug such gaps, is undertaken. Finally, our experts get into action and implement all necessary remediation activities.

Comprehensive Documentation

The CSP compliance process involves detailed documentation that's needed for future reference.

We help your business by identifying all processes needed for CSP compliance, and documenting the same in detail as and when they are carried out.

We also take care to provide methodical assistance in establishing the required protocols. Documents are prepared in accordance with the needs of your organization, and all required specifics are taken care of.

Adequate Support
Desh Cyber provides continued assistance in maintaining SWIFT CSP compliance. This is achieved by means of regular staff training which is tailored to your business requirements. We also recommend and undertake third-party audits for ensuring a greater level of compliance validation than can be achieved through self-assessment.

Desh Cyber You Best Partner In CSP Compliance
Desh Cyber is committed to ensuring the safety and security of your organizational infrastructure. Our experts have decades of combined experience in all aspects of cybersecurity and can assist you, compliance efforts on multiple levels. With Desh Cyber by your side, you can rest assured that you're in safe hands.

Just give us a call today, and we'll take up the rest.

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