Financial institutions are under constant threat from new and increasingly sophisticated cyber-attacks day by day. To address this concern, the SWIFT Customer Security Controls Framework (CSCF) v 2024 introduces Control 2.7: Vulnerability Scanning, a simple yet critical control designed to help organizations identify and mitigate vulnerabilities within their SWIFT infrastructure and act on the received results. By performing regular and thorough scans, institutions can uncover potential weaknesses and prevent attackers from exploiting them.

Why Vulnerability Scanning?

Vulnerability scanning involves systematically reviewing systems to detect security weaknesses that cybercriminals could exploit if unaddressed. Even a minor oversight in financial services can lead to significant breaches, disrupting operations and compromising sensitive financial information. SWIFT CSCF v 2024 Control 2.7 makes it mandatory for organizations to conduct vulnerability scans across their SWIFT environments for all A types of architecture, however advisory for B, enables them to identify, evaluate, and address any flaws before they can be exploited.

Key In-scope Components

SWIFT CSCF v 2024 Control 2.7 mandates regular scanning for systems crucial to SWIFT operations, including Jump Servers, Dedicated Operator PCs, and various SWIFT-related systems( interface, GUI, Swift and customer connectors). Additionally, it is advised to extend vulnerability scanning as per the optional enhancements to include Virtualization and Cloud Platforms that host SWIFT virtual machines, General-purpose Operator PCs utilized in SWIFT environments, and Bridging Servers that facilitate data exchange between back-office systems and SWIFT components.

Control 2.7 directly addresses two primary risk drivers:

Exploitation of Known Vulnerabilities: Attackers often exploit publicly known security vulnerabilities in software or hardware.

Unknown Vulnerabilities or Misconfigurations: Misconfigurations or unpatched software can expose systems to risk, even if the weaknesses aren't widely known.

Key Security Measures

SWIFT CSCF v 2024 Control 2.7 provides detailed guidance to ensure vulnerability scanning is conducted effectively and securely. The implementation guidelines suggest methods for applying the control but aren’t strict checklists. Each organization may adapt them as needed, considering unique setups and alternative measures to ensure full compliance.

Regular Scanning Frequency: At a minimum, vulnerability scans should occur annually or after significant system changes, such as new servers or network design modifications. To enhance security, SWIFT recommends scanning once quarterly, monthly, or on a real-time basis whenever possible.

Trusted Tools: Institutions must use reputable, up-to-date scanning tools, with profiles updated within a month of each scan to ensure accuracy. Selecting the right tool and scan type (e.g., credentialed scans) is essential for a comprehensive analysis.

Vulnerability Testing Aligned with SWIFT Policy: In addition to identifying vulnerabilities through scanning, all penetration tests or similar effective vulnerability assessments on SWIFT-related services and products must align with the SWIFT Customer Testing Policy.

Secure Scanning Practices: Proper safeguards are crucial to prevent scans from causing operational issues. For example, using safe modes for scans and exempting systems sensitive to scanning can help maintain operational stability. Any administrative credentials used should also be securely managed to avoid introducing additional risks.

Documentation and Analysis: All scan results must be documented and securely stored. Findings should be analyzed for action, and remediation efforts, like patching, must align with Control 2.2 standards to address vulnerabilities promptly.

Additional Measures

For organizations seeking additional layers of protection, Control 2.7 provides optional enhancements:

Expanded Device Scanning: Vulnerability scans may include network devices that protect the secure zone, like routers and switches, adding further security to entry points.

General-Purpose PCs: Extending scans to include general-purpose operator PCs connected to the user’s SWIFT infrastructure enhances overall security. Alternatively, maintaining regular security updates can serve as an effective mitigation on these devices.

Virtualization/Cloud Platform: If a SWIFT environment includes virtualization or cloud technology, scanning these platforms is recommended to mitigate cloud-specific risks.

Bridging Servers: Organizations may include bridging servers (like middleware or file transfer servers) that connect back-office systems with SWIFT components in the scanning scope to secure data exchange points.

Best Practices for Implementing SWIFT CSCF v Control 2.7

To effectively comply with Control 2.7 and maximize the benefits of vulnerability scanning, institutions should:

Automate Scanning Processes: Utilize automated vulnerability scanning tools that provide real-time updates, simplifying the scanning process and ensuring consistency.

Prioritize Patching Based on Risk: Not all vulnerabilities carry the same level of risk; prioritize patching based on the severity and the specific exposure within the SWIFT environment.

Cross-Reference with Threat Intelligence: Threat intelligence data can be leveraged to understand which vulnerabilities are actively exploited in the industry and focus on the most relevant ones.

Review Scanning Logs: Consistently reviewing logs helps organizations assess and refine their scanning strategies, improving their overall cybersecurity posture.

Coordinate with Third Parties: For institutions using outsourced services, it's crucial to work with these providers to ensure they are meeting the SWIFT CSCF scanning requirements.

For organizations dedicated to safeguarding sensitive financial data and ensuring compliance, SWIFT CSCF v2024 Control 2.7 acts as both a mandatory and a strategic framework for securing SWIFT-connected systems. By implementing regular vulnerability scanning and timely remediation, financial institutions can effectively shield their operations, uphold their reputation, and protect their customers from the constantly evolving landscape of cyber threats.

Prajeeta Parajuli