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of secure financial messaging services

Secure, Prevent, Detect, Share

The World Economic Forum’s “Global Risks Perception Survey 2017–2018” listed cyberattacks as high as number 3 in the top 10 most likely global risks, closely followed by data fraud or theft in 4th place. Added to that, the financial industry is an obvious target for cyber criminals and the threat is fast increasing in terms of sophistication. Cyber criminals are determined, persistent and patient. They rely on their targets having weak cyber defences and will bide their time until these can be easily exploited. The message to all players in the financial industry is simple: don’t be the weakest link and allow the criminals into your organisation.

At this year’s Sibos, you’ll hear from leading experts in security and cyber issues as well as learning from your financial industry peers. You will also hear the latest from SWIFT on the Customer Security Programme its roadmap for the future.

Put cyber security at the top of your Sibos agenda

This year’s Sibos agenda is packed full of engaging cyber security sessions and content covering both key industry themes and the latest from SWIFT’s Customer Security Programme (CSP).

The sessions you don't want to miss:

What When Where

How can the ‘long-tail’ of smaller organisations be protected from cyberattacks?

 

Large, mature organizations have (mostly) comprehensive cyber and fraud-prevention plans in place to protect themselves. But how do we do the same for small, regional firms that don’t have access to the resources, budgets or deep skills? How far can we get with rolling out coordinated practical, cost-effective solutions – security policy templates, education and staff training and the sharing of information within trusted local communities? Does this give enough of a head start, or do we need all the expensive tools and an army of skilled staff?

Monday Conference room 4

A view on the evolution of FS cyber attacks

 

We will examine the hypothesis that cyber security attacks by Advanced Persistent Threat (APT) actors who have targeted SWIFT members over the past 24 months will evolve from payments and target areas further along the financial services value chain such as market infrastructures, FX and securities. The view has been developed with the participation of SWIFT community members and other relevant parties such as regulators, national banks and SWIFT themselves to validate the hypothesis and establish views on the evolution of the APT cyber threat to the financial services industry.

Monday, 12.30-13.30 Conference room 2

Customer Security Programme – Current Progress and Future Roadmap

 

SWIFT’s Customer Security Programme (CSP) aims to reinforce the security of the global banking system by helping customers reinforce the security of their SWIFT-related infrastructure against cyber-attacks. Considerable progress has been made since its launch in May 2016, but much work remains. This session outline past milestones and describes the CSP roadmap, including  change management of the formal controls, attestation of compliance via the KYC-SA tool, regulatory reporting, counterparty consultation of attested data, SWIFT ISAC portal, STIX/TAXII feeds, third party access, DVR, inflight Payments Control Service and Release R7.3.

Monday, 16.15-17.00 SWIFT Hub 1

Is a ‘cyber 9/11’ event inevitable?

 

WEF has put cyber-security and fraud as top threats for the entire world. The sophistication of threat actors is increasing at a seemingly exponential rate, massive data breeches are almost common place and we are reaching cyber security scenarios where everything can be used as a weapon, and anybody could be a target. But are we still waiting for the ‘big-one’, the seismic ‘cyber 9/11’ event that changes everything? Do we have the tools, the collective mind set and legal provision to win against this cyber-geddon tsunami, especially if it targets central financial infrastructures?

Tuesday, 11.00-12.00 Plenary room

Learn how Payment Controls, our new anti-fraud solution, can help strengthen your security strategy

 

Learn how our new anti-fraud solution, launched as part of the Customer Security Programme, can help you augment your security strategy and provide an in-network defence against cyber threats. SWIFT Payment Controls puts you in control of your payments policy to manage your risk and identify uncharacteristic payments that could represent a threat. It helps protect payment operations and allows validation of payment messages against SWIFT’s record. Join us to hear how SWIFT Payment Controls can help you to address fraud risks, enforce payment policies and improve the security of your payments.

Tuesday, 16.15-16.45 SWIFT Hub

Cyberattacks in the securities market? Hold on, I thought it was just a payments problem …

 

We know that the cyber criminals are hungry, smart and coordinated. We have seen the level of sophistication and the impact of cyberattacks rising, and the risk is that the securities market may be next. It’s high concentration of high value assets, its complexity with many entry points and its reliance on centralised critical functions make the custody and securities value chain particularly susceptible to disruption / ransom, asset theft, information theft and/or market manipulation.  

 

But what are the specific risks? Does the inherent complexity help or hinder attacks? Are there cyber best practices that we can reuse and adopt? Do we need an industry standard incident response playbook for the custody value chain, or can we rely on payments to do all the heavy lifting?

 

This session highlights the major findings from the ISSA Cyber Working Group which identified the major cyber security risk for the securities market.

Tuesday, 16.30-16.45 SWIFT Hub 1

Can we ever counter the weakest link in cybersecurity – the people?

 

Arguably the biggest cyber-security risk simply ‘people’. From insider threats to acute skills shortage, poor diversity, patchy representation at Board-level and all the while the internal staff are still clicking on the damn phishing link. Are the solutions to cyber-security closer to home, and in our own hands? Is it all just over-blown hype that can be managed just like any other risk with a bit of education and discipline, or will people always be the biggest intangible and the cause of the biggest headaches?

Wednesday, 09.45-10.45 Conference room 1

How do we solve the identity crisis in a digital world?

 

We’ve reached the age where identity theft and 100M+ record mega-breeches aren’t shocking anymore. Aside from human error, the problem lies with malicious attackers, insiders or third-parties getting access to sensitive data where they shouldn’t. Digital identity is at crisis point and we need a holistic approach. However, protecting data AND integrating old-tech legacy with new-tech APIs AND providing access control AND replacing passwords (that we forget) with risk-based authentication, will not be easy. When will we be able to trust service operators to provide convenience AND security? Cloud solutions? Standards? Will the market resolve itself and provide interoperability between public and private sector approaches?

Thursday Conference room 1

Discover the speakers and the full programme here.

Join us for a demo

To book a demo on KYC-SA, SWIFT ISAC or our anti-fraud tools, contact us or join us at the SWIFT stand or the SWIFT Hub. Available demos include:

  • KYC-SA for submitting your compliance - Every SWIFT customer must attest their compliance with the mandatory security controls by 31 December 2018.

  • KYC-SA for understanding your counterparty - Understand the compliance profile of your counterparty, by mutual agreement.

  • SWIFT ISAC Portal - Publishes cyber security intelligence using a portal and automated feeds in industry standard formats.

You can also request demos of our anti-fraud tools, such as Daily Validation Reports and the forthcoming Inflight Payment Controls Service.

Resources to get you ready
for Sibos 2018

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