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SWIFT’s customer security programme: Preventing, detecting and responding to the growing cyber threat
Journal of Securities Operations & Custody,
9
(3),
198-205
(2017)
Abstract
In response to the rapid escalation in cyber threats, SWIFT has put in place a Customer Security Programme (CSP) — a dedicated programme to support customers in reinforcing the security of their SWIFT-related infrastructure. The CSP addresses three key aspects: the security and protection of customers’ local environments, their counterparty relationships and the role the financial community can play by acting together to stay ahead of cyberattacks. Although it is more complex to execute cyber-attacks on securities-related transactions compared to payment transactions, the securities world should not disregard the threat. This paper addresses specific areas of attention for securities operations and provides a view on how the CSP can provide additional guidance, tools and services to help institutions bolster their IT fraud prevention and detection capabilities, and stay aware of new attack vectors, as well as methods to help defend against them.
Keywords: cyber, fraud, intelligence, security, counterparty, relationship management, payments
The full article is available to subscribers to the journal.
Author's Biography
Stephen Gilderdale is Managing Director for the UK, Ireland and Nordics and Global lead for SWIFT’s Customer Security Programme. Prior to his current role, Stephen led SWIFT’s Shared Services business lines and was a key contributor to the development of SWIFT’s 2020 strategy. Stephen has over 20 years’ experience across a number of operations, technology and business development roles and, prior to SWIFT, held a senior management position at a top five consulting firm. He has worked at a variety of financial institutions across Europe, including securities marketplaces, banks and card operators.
