Contributed by Palo Alto Networks

Successful cyberattacks against multiple financial institutions have continued across the globe since 2016, resulting in multiple instances of fraudulent fund transfers over the Society for Worldwide Interbank Financial Telecommunications, or SWIFT, network. As part of an effort to enhance the cybersecurity of the entire ecosystem, members of SWIFT must now annually self-attest to 16 mandatory cybersecurity controls as of the end of 2017. Starting in 2018, noncompliance with these controls may result in notification to SWIFT counterparties and/or appropriate regulatory bodies. Furthermore, 11 advisory security controls are provided as best practices to improve overall cyber hygiene across the SWIFT ecosystem.

Palo Alto Networks® Next-Generation Security Platform contributes to compliance for almost 75 percent of the SWIFT mandatory and advisory security controls. In many cases, the platform exceeds the SWIFT controls, providing even better security outcomes. By incorporating the SWIFT controls into your cybersecurity program and leveraging the capabilities of the Next-Generation Security Platform accordingly, future annual self-attestations will yield no surprises as your institution’s cybersecurity posture will be above and beyond SWIFT’s required baseline.