CBI News 02/28/2018

[yota691]

Acknowledgment from SWIFT International

 

 February 28, 2018

In appreciation of the efforts to provide the Iraqi banking system Mttmla Central Bank of Iraq and all operating banks in Iraq used the security standards of your self-approval  of the Customer Security the Program ( the CSP) , the Central Bank of Iraq received a letter of thanks from the Swift global company and thus the Central Bank of Iraq is one of the first central banks Middle East, which has committed itself and committed its banking system to implementing these standards as part of the measures to enhance the security of the external remittance environment.

[yota691]

Customer Security Programme (CSP)

 

Reinforcing the security of the global banking system

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Programme description

Combating fraud is a challenge for the entire financial industry. The threat landscape adapts and evolves daily, and both SWIFT and its customers have to remain vigilant and proactive over the long term.

While all customers are responsible for protecting their own environments, SWIFT has established the Customer Security Programme (CSP) to support customers in the fight against cyber-attacks.

The CSP is articulated around three mutually reinforcing areas. Customers will first need to protect and secure their local environment (You), it is then about preventing and detecting fraud in your commercial relationships (Your counterparts) and continuously sharing information and preparing to defend against future cyber threats (Your community).

Table of contents

• 1. You: Secure and Protect

• 2. Your counterparts: Prevent and Detect

• 3. Your community: Share and Prepare

Actions on the programme include the introduction of mandatory security controls, new services to help prevent and detect fraudulent activity, and community-wide information sharing initiatives to prepare for, exchange information about, and defend against, future attacks.

 

1. You: Secure and Protect

Securing your local SWIFT-related infrastructure and putting in place the right people, policies and practices, are critical to avoiding cyber related fraud.

To support the industry, SWIFT has published a core set of mandatory security controls that build upon SWIFT’s existing security guidance, taking into account the latest intelligence on known cyber threats and incidents.  They have been reviewed by external industry experts and assessed against industry standard frameworks and good security practices. 

The SWIFT Customer Security Controls Framework Detailed Description is available on swift.com. Customers must log in to mySWIFT with their swift.com credentials to access the document. (swift.com > Ordering & support > User Handbook home > A-Z > Customer Security Programme).

To ensure adoption, and to complement the SWIFT Customer Security Controls Framework, SWIFT has published  further details of the related attestation policy and process in the SWIFT Customer Security Controls Policy document.

We have also introduced enhanced security features to our products designed to assist SWIFT users in addressing  security concerns,  such as stronger default password management, enhanced integrity checking and  built-in two-factor authentication (2FA) for Alliance Access clients who do not have existing 2FA implementations. We will continue efforts to harden SWIFT-provided products as part of our product roadmaps, combined with timely security updates to products to allow you to maintain your systems to a high level of protection.

 

2. Your counterparts: Prevent and Detect

Companies do not operate in a vacuum and all SWIFT users are part of a broader ecosystem. Even with strong security measures in place, attackers are very sophisticated and you need to assume that you may be the target of cyber attacks. That’s why it is also vital to manage security risk in your interactions and relationships with counterparties - which fall into two main areas:

If you are breached: Strong detection measures need to be put in place to increase the chances of stopping or mitigating fraud in case your environment is breached. To support smaller institutions in particular, SWIFT has launched new reporting tools to provide users with daily activity reports which furnish an independent record of their transaction data over SWIFT.  These Daily Validation Reports offer both a secondary check on transactions to help prevent and detect fraud and a focused review of large or unusual flows. They are available as an independent, SWIFT-generated source of transaction data that can be reconciled with local transaction data to help in detecting whether a SWIFT user’s environment has been compromised and their local records altered.

If your counterparty is breached: You also need to prepare for the possibility that one of your counterparties may be breached, and that you may receive suspicious or fraudulent messages from that counterparty. A basic starting point is to check that you are only doing business with trusted counterparties. SWIFT’s Relationship Management Application (RMA) supports customers by enabling them to control counterparty relationships through RMA tools.

 

3. Your community: Share and Prepare

The financial industry is truly global, and so are the cyber challenges it faces. What happens to one company in one location can easily be replicated elsewhere in the world. That’s why SWIFT is encouraging two important community principles:

Share and Prepare. If you suspect your organisation has been targeted or breached, it is vital that you share all relevant information and let us know there is a problem as soon as possible – which is part of your contractual obligations to SWIFT as a user of SWIFT services. SWIFT introduced a dedicated Customer Security Intelligence team that shares the latest anonymised information on Indicators of Compromise (IOCs) and details the modus operandi used in known attacks. Issuing such information has already made a tangible difference in the fight against fraud. SWIFT has introduced a ‘SWIFT ISAC’ global information sharing portal to share detailed and technical intelligence to allow the community to protect itself, to take mitigating actions, and to defend against further attacks.

The second community principle is ‘prepare’. We will do our best to inform you of relevant cyber intelligence, and we intend to continue to expand our information sharing platforms to do so. We are also engaging with vendors and third parties to help secure the wider ecosystem. But we also expect you to prepare by acting in a timely manner on the information and security updates we provide, and ensuring that you meet mandatory security controls for your SWIFT-related infrastructure.

[bostonangler]

Hey this looks like a little education for the masses!!!!!!

 

B/A

[tigergorzow]

Yota Thanks,   DV,   This Train is moving down the tracks in a very positive manner.

 

GO HCL

 

GO RV / RI

[King Bean]

"....one of the first banks in the Middle East... for security of the EXTERNAL remittance requirements.'

 

That is impressive. Ahead of the curve. Another item crossed off the list in preparation for a value change, international banking confidence. Go Iraq. Go CBI.

                                                                                                                                  

Edited February 28, 2018 by King Bean

[presence]

Good morning Yota691 and DV. Thanks for this encouraging post which details factusl signs of progress from the CBI. I look forward to seeing what's next-

[presence]

King Bean- you emphasize a great point outlined in this article, and one that got by me -  thanks very much!

[Laid Back]

CBI is moving forward to bring the dinar to the international market.

 

- IBAN

- RTGS

- ISO

- SWIFT

- CSP

- AML

- CFT

 

Go CBI

Go new monetary policy 

Go RV

Go international 

Go $1:1

 

 

 

 

[Officiallytook]

2 hours ago, bostonangler said:

Hey this looks like a little education for the masses!!!!!!

 

B/A

 

2 hours ago, tigergorzow said:

Yota Thanks,   DV,   This Train is moving down the tracks in a very positive manner.

 

GO HCL

 

GO RV / RI

We need a heart to choose from kuz I'm loving the news right now LMFAO

[3n1]

thanks yota ... progress letsroll

[1lucdog]

https://cbi.iq/news/view/618  Good news on CBI site...No not that good yet....Thanks & Appreciation from SWIFT International.

[Freedomwish]

3 hours ago, Laid Back said:

CBI is moving forward to bring the dinar to the international market.

 

- IBAN!!!

- RTGS

- ISO

- SWIFT!!

- CSP

- AML

- CFT

 

Go CBI

Go new monetary policy 

Go RV

Go international 

Go $1:1

 

These two items right here, to me shows hope we're almost there!!!

Keeping the faith!! 

THANKS!

[climber7]

Would love to hear some educated comments on this 

[ChuckFinley]

Thanks 1lucdog for the information. 

[ChuckFinley]

All of this is excellent news. There is so much positive that we do not see because the leadership is incompetent.  

[TOMINVEGAS]

They need all the controls in place that are available so they can show the world that they mean business——because they’re all corrupt thieves and have been for a long time... 

[NoviceInvestor]

Transparency in all Financial Matters ... Good one 👍

[blueskyline]

...........................................................................................

[davis411]

Go chicken go

 

[Laid Back]

3 hours ago, Freedomwish said:

 

These two items right here, to me shows hope we're almost there!!!

Keeping the faith!! 

THANKS!

I agree my friend, also RTGS (Real Time Gross Settlement) is very important.

 

Real Time Gross settlement;

means the transaction is settled on one-to-one basis without bundling or netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable. RTGS systems are typically used for high-value transactions that require and receive immediate clearing.

 

Go CBI

Go new monetary policy 

Go RV

Go $1:1

 

[NEPatriotsFan1]

Thanks LB!

[Laid Back]

16 minutes ago, NEPatriotsFan1 said:

Thanks LB!

You are welcome my friend

[copper13]

Let’s get this done! Thanks news hounds for all you do! Thanks LB for breaking it down for us commoners!!!🍺

[Laid Back]

4 hours ago, copper13 said:

Let’s get this done! Thanks news hounds for all you do! Thanks LB for breaking it down for us commoners!!!🍺

You are welcome c13 

 

Go RV