SWIFT Toughens Customer Security With New Mandatory Rules

In a move towards strengthening customer security, SWIFT -- the financial services secure messaging network that has been leveraged by attackers in several multimillion-dollar thefts -- has announced new security measures that will be mandatory for its clients in March 2017, a release on its website said. The steps include a set of core safety standards to address customer environment security and an associated assurance framework requiring annual self-attestation by customers against 16 necessary controls.

SWIFT customers will get an overview of the measures by the end of next month and for two months the global networking system will conduct community feedback sessions before a final release. Customers will start self-attestation from the second quarter of 2017.

Clients’ compliance status will be made available to counterparts from Jan. 1, 2018, following which SWIFT will conduct inspections to source out non-compliant customers. Randomly selected members could be asked to provide additional assurance.

“We recognize that this will be a long haul, and will require industry-wide effort and investment, as well as active engagement with regulators,” chairman Yawar Shah said.

Read more details here.