Successful cyberattacks against multiple financial institutions came to light in 2016, resulting in multiple instances of fraudulent fund transfers over the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network. As part of an effort to enhance the cybersecurity of the entire ecosystem, members of SWIFT were required to annually self-attest to an initial set of mandatory cybersecurity controls by the end of 2017. Furthermore, a number of advisory security controls were provided as best practices to improve overall cyber hygiene across the SWIFT ecosystem. For 2019, SWIFT updated the Customer Security Controls Framework (CSCF) to include 19 mandatory and 10 advisory controls in recognition of emerging and evolving cyberthreats.

Palo Alto Networks can support your efforts to meet this baseline by contributing to 86% of the updated SWIFT mandatory and advisory security controls. In many cases, the capabilities of the Security Operating Platform®exceed the SWIFT CSCF v2019 controls and can provide even better security outcomes. By incorporating the SWIFT controls into your cybersecurity program and leveraging Palo Alto Networks products accordingly, you can put your financial institution’s cybersecurity posture well on the way to meeting the revised SWIFT CSCF and improve your cyber hygiene too.

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For more information on cybersecurity for the financial sector, visit our Financial Services industry page at  https://www.paloaltonetworks.com/security-for/industry/financial-services.html