Multicont is now SWIFT-auditor

The Society for Worldwide Interbank Financial Telecommunication, abbreviated SWIFT, is a Belgian company, which leads a telecommunication network, the “SWIFTNet”. SWIFT was founded in 1973 with the aim of simplifying the communication between international financial institutions.

In 1977, the community introduced their first messenger service and quickly became the most reliable and trusted service for banks, stock exchanges and other financial institutions. With the help of SWIFT, the message traffic of various financial institutes is standardized.

The company transports messages between their customers but does not maintain accounts for the partners and does not settle payments. “SWIFT messages” include payments, securities transactions and account statements.

Cyber Attacks are becoming more sophisticated in the financial community. Therefore, it is important to stay vigilant and proactive over long term. With forward planning and targeted actions, it is possible to prevent such attacks. For the safety of the SWIFT network and therefore all the users of SWIFT a Customer Security Programme (CSP) has been developed. This programme describes a set of mandatory and advisory security controls for SWIFT users. To ensure the security of this customer programme an annual audit is required. This can be done by both external and internal auditors.

We, as the Multicont Revisions- und Treuhand Gesellschaft m.b.H., have successfully qualified as a “SWIFT Auditor” in 2020 and thus have the authority to perform SWIFT assessment. We currently audit banks in the Raiffeisen sector and some banks outside this sector. In particular, the security of the SWIFT working environment, the detection of anomalous activities in systems and the reduction of the attack surfaces and vulnerabilities for cyber attacks are examined.

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