In 2016, the Bangladesh Bank heist shook the global financial system and revealed alarming vulnerabilities in the security infrastructure of financial institutions. Cybercriminals managed to steal $81 million through Swift, the global financial messaging network. This incident underscored the need for stronger security measures and forever changed how Swift operates, especially for financial institutions in Bangladesh. Today, choosing a certified Swift-CSP Assessor is no longer optional but mandatory for ensuring the integrity and security of financial systems.
As Bangladesh banks move forward, partnering with experts like DeshCyber, a leading Bangladeshi-American firm, can help institutions navigate the evolving security landscape and meet Swift’s enhanced requirements.
The Bangladesh Bank heist exposed the weaknesses in the global financial network, particularly in how institutions use the Swift system. The heist occurred when cybercriminals breached the bank’s internal systems and sent fraudulent Swift messages to transfer millions of dollars. This major breach made it clear that the existing security protocols were insufficient to prevent sophisticated cyber-attacks.
In response, Swift introduced the Customer Security Programme (CSP) to enhance the security controls of all institutions using its network. These changes aim to reduce the risk of cyber-attacks and strengthen the overall financial ecosystem. Swift’s post-heist security overhaul means that financial institutions can no longer afford to rely on internal assessments alone. Today, certified external assessments are crucial for ensuring compliance with Swift’s updated guidelines.
Before the Bangladesh Bank heist, Swift’s security assessments were largely voluntary, with many institutions conducting internal evaluations. However, in the aftermath of the heist, Swift made external assessments mandatory. This shift ensures that all institutions, including those in Bangladesh, adhere to a uniform and rigorous standard of security.
Certified Swift-CSP Assessors are now required to evaluate whether financial institutions are following the mandatory security controls outlined in Swift’s Customer Security Controls Framework (CSCF). This framework is designed to prevent cyber-attacks like the Bangladesh Bank heist from happening again by enforcing strict security measures across all Swift users.
For Bangladesh’s banking institutions, selecting a certified Swift-CSP Assessor is essential to stay compliant with these new global standards. Failure to do so can result in non-compliance penalties and increased vulnerability to cyber-attacks.
DeshCyber, a Bangladeshi and American firm, is at the forefront of helping institutions in Bangladesh navigate Swift’s new security landscape. As a certified Swift-CSP Assessor, DeshCyber brings a wealth of expertise and deep understanding of both local and global security requirements.
Key Benefits of Choosing DeshCyber for Swift-CSP Assessments:
Expertise in Post-Heist Swift Security
DeshCyber’s assessors are fully certified and experienced in Swift’s updated security controls, making them well-equipped to ensure that Bangladeshi banks are compliant with the latest CSP standards. Their understanding of how the Bangladesh Bank heist transformed Swift’s approach to security makes them the perfect partner for institutions seeking to prevent similar incidents.
Tailored Solutions for Bangladesh’s Financial Institutions
The regulatory environment in Bangladesh, combined with Swift’s global security requirements, requires a nuanced approach. DeshCyber provides assessments that are specifically tailored to the unique challenges faced by Bangladeshi banks, ensuring that institutions not only comply with Swift’s guidelines but also strengthen their overall cybersecurity posture.
Global and Local Expertise
As a Bangladeshi-American firm, DeshCyber combines local expertise with a global perspective, offering financial institutions in Bangladesh access to world-class security solutions. Their certified assessors are well-versed in international standards like PCI-DSS, ISO 27002, and NIST, providing comprehensive assessments that meet both local and global security requirements.
Proactive Security Measures
DeshCyber doesn’t just assess for compliance; they provide actionable insights to help Bangladeshi banks improve their security. Their goal is to elevate the security posture of financial institutions, making them more resilient to future cyber-attacks.
After the Bangladesh Bank heist, Swift introduced mandatory security controls to ensure all users follow best practices for securing their systems. These controls fall under three primary objectives: securing your environment, knowing and limiting access, and detecting and responding to security events.
For Bangladeshi banks, meeting Swift’s updated security requirements is not just about compliance; it’s about protecting the institution from potential cyber-attacks that could have devastating financial and reputational consequences. With Bangladesh Bank audits becoming more stringent, partnering with a certified Swift-CSP Assessor like DeshCyber is critical for ensuring compliance and safeguarding against cyber threats.
Failure to comply with Swift’s mandatory controls can result in significant penalties and make institutions vulnerable to attacks like the Bangladesh Bank heist. By choosing a certified assessor, banks in Bangladesh can ensure they meet global security standards and are prepared for any regulatory audits.
In the wake of the Bangladesh Bank heist, Swift’s security standards have changed forever. Today, all financial institutions in Bangladesh must choose a certified Swift-CSP Assessor to ensure compliance with Swift’s updated guidelines. DeshCyber, with its expertise in both Bangladeshi and international security standards, is the ideal partner to help institutions navigate this new landscape.
By working with DeshCyber, Bangladeshi banks can confidently strengthen their security, meet regulatory requirements, and protect themselves against future cyber threats. With a focus on proactive security and compliance, DeshCyber is committed to taking Bangladesh’s financial institutions to the next level of cybersecurity excellence.