Compliance [PCI DSS, ISO 27001 & SWIFT Customer Security Programme (CSP)]

Payment Card Industry Data Security Standard (PCI DSS)

PCI DSS is a set of requirements intended to ensure that all companies that process, store, or transmit credit card information maintain a secure environment. It was launched on September 7, 2006, to manage PCI security standards and improve account security throughout the transaction process.

Features & Benefits

Complying with PCI Security Standards seems like a daunting task, at the very least. The maze of standards and issues seems like a lot to handle for large organizations, let alone smaller companies. Yet, compliance is becoming more important and may not be as troublesome as you assume, especially if you have the right tools.

According to PCI Security Standards Council, there are major benefits of compliance, especially considering that failure to comply may result in serious and long-term consequences. For example:

  • PCI Compliance means that your systems are secure, and your customers can trust you with their sensitive payment card information; trust leads to customer confidence and repeat customers.

  • PCI Compliance improves your reputation with acquirers and payment brands – just the partners your business needs.

  • PCI Compliance is an ongoing process that aids in preventing security breaches and payment card data theft in the present and in the future; PCI compliance means you are contributing to a global payment card data security solution.

  • As you try to meet PCI Compliance, you’re better prepared to comply with additional regulations, such as HIPAA, SOX, and others.

  • PCI Compliance contributes to corporate security strategies (even if only a starting point).

  • PCI Compliance likely leads to improving IT infrastructure efficiency.

ISO/IEC 27001

ISO/IEC 27001 is is the world’s best-known standard for information security management systems (ISMS) and their requirements. Additional best practice in data protection and cyber resilience are covered by more than a dozen standards in the ISO/IEC 27000 family. Together, they enable organizations of all sectors and sizes to manage the security of assets such as financial information, intellectual property, employee data and information entrusted by third parties.

Features & Benefits

Here’s how ISO/IEC 27001 will benefit your organization:

  • Secure information in all forms, including paper-based, cloud-based and digital data

  • Increase resilience to cyber-attacks

  • Provide a centrally managed framework that secures all information in one place

  • Ensure organization-wide protection, including against technology-based risks and other threats

  • Respond to evolving security threats

  • Reduce costs and spending on ineffective defence technology

  • Protect the integrity, confidentiality and availability of data

SWIFT’s Customer Security Programme (CSP) helps financial institutions ensure their defences against cyberattacks are up to date and effective, to protect the integrity of the wider financial network. Users compare the security measures they have implemented with those detailed in the Customer Security Controls Framework (CSCF), before attesting their level of compliance annually.

Features & Benefits

The Customer Security Programme (CSP) of SWIFT has contributed to the fight against cybercrime to a great extent since 2017. CSP and CSCF are supporting the financial institutions to strengthen their cybersecurity measures even though the requirements for remaining compliant with them seem to become more demanding and challenging as we reached 2022. The new requirements introduced in CSCF v2023 actually aim to protect the institutions remaining vulnerable to the cyber attacks as the threats in the cyber world evolve everyday. It is essential for the SWIFT customers to plan ahead and take the necessary actions in time for the implementation process of CSCF v2023 as well as perform the independent assessment which is mandatory for this year.

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