SWIFT

SWIFT, established in 1973, facilitates secure messaging for interbank financial transactions, serving approximately 11,000 financial institutions globally. Cyber attacks on SWIFT primarily exploit vulnerabilities in the systems of member banks, allowing attackers to issue fraudulent transfer requests. These attacks often involve malware, social engineering, and insider threats, with the primary motivation being financial gain through […]

The SWIFT Customer Security Controls Framework (CSCF) v2024 introduced several specific changes to enhance the cybersecurity posture of SWIFT users, with a particular emphasis on third-party risk management, clarifications to existing controls, and alignment with evolving threats and regulatory requirements (e.g., EU’s DORA and NIS2). Released in July 2023 for implementation by December 31, 2024,