By 2025, the situation in the sphere of finance in the world will still be out of control of cyber threats not seen before. SWIFT reports that in over 90 percent of the financial institutions globally, it is mandatory to perform an annual SWIFT security assessment – this is a 20 percent rise since 2023. Topping it all off, the polarity of reported cyberattacks on banks that use SWIFT products has increased by 17 percent just in the past year, with the Asia-Pacific region being subjected to an even sharper 22 percent increase in the number of attempted hacks on banks located in Malaysia in particular. By July 2025, the SWIFT Customer Security Controls Framework (CSCF) will require 32 controls (25 mandatory, 7 advisory), and all 11,000+ SWIFT users worldwide will be required to attest to their compliance with an independent assessment.
Revenues lost to such SWIFT-related cyber attacks are estimated to grow to over three point two billion dollars worldwide in 2025, and regulatory fines on non-compliance are predicted to surpass half a billion dollars just in the Asia-Pacific region. Interestingly, it was found that Malaysian banks have devoted a higher segment of their cybersecurity budgets in 2025 to SWIFT Security Assessment, 78%, when compared to 61% in 2023, as a wider security risk assessment approach.
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What is SWIFT Security Assessment?
A SWIFT Security Assessment is a wide-ranging, independent review of the SWIFT facility, processes, and checks within a financial institution. It is also compliant with the SWIFT Customer Security Controls Framework (CSCF), which defines international standards in terms of confidentiality, integrity, and the availability of financial messaging.
What Is the Importance of a SWIFT Security Evaluation?
- Addresses Financial Risk – With the increasing incidence of cyberattacks targeting SWIFT infrastructure, SWIFT Security Assessment enables banks to address potential risks in time before they can be applied.
- Complies with Regulation – The regulatory frameworks in Malaysia, as well as in the rest of the world, enforce a regulatory compliance check to be conducted annually on SWIFT compliance or face a penalty.
- Preserves Reputation – A security incident will hurt customer confidence and bankrupt the reputation of a bank, being in the arena of international finance.
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Local Context – SWIFT Security Assessment in Malaysia
The Malaysian financial community is fast attaining international compliance with the SWIFT assessment requirements. In an attempt to ensure full compliance with SWIFT, Bank Negara Malaysia (BNM) has specified that all SWIFT users should perform an annual independent evaluation and offer compliance attestations. The Malaysian banks investing in advanced SWIFT security solutions have increased by 22 percent in the year 2025, representing the commitment of the region in regard to international best practices.
Best Practices
- Practice Risk-Based Approach – Start with complete risk examinations to find the particular threats to your swift security. These assessments should be periodically evaluated and revised to respond to new threats, security controls should be prioritized in importance, and according to the nature of the threat at the given time.
- Enhance Access Management – Put in place the principle of least privilege, where authority based on roles and responsibilities is restricted. Implement strong authentication schemes like multi-factor authentication (MFA) and review user access permissions periodically to reduce the possibility of unauthorised access.
- Upgrade Network Segmentation – Isolate infrastructures relating to SWIFT with infrastructures dealing with general IT by employing firewalls/Secure VPNs. Effective segmentation minimises the attack surface and restricts the more of a breach.
- Uninterrupted Monitoring and Threat-Detection – Implement the Security Information and Event Management (SIEM) to monitor in real time and analyse logs. This also allows detection and response to anomalous actions within SWIFT systems in a swift manner.
- Frequent Updates and Patches Updates of Systems – Keep the software up to date and ensure that the security patches are implemented as soon as they become available on all SWIFT-related components. Organize regular penetration testing and security vulnerability assessment, and Anti-virus Checks to detect gaps and fix them.
Qualysec Technologies – Leading Cybersecurity Assessment Provider
Qualysec Technologies is a top cybersecurity company that focuses on the provision of holistic Swift Security Assessment services, penetration testing, and analysis of risk to financial institutions across the globe. Their prudent strategy is a combination of advanced technology and industry expertise to offer decisive action and robust defense.
- Process-based Services for All – Qualysec aligns its SWIFT Assessment methodology to your organization, regardless of whether you are a local bank or a multinational organization.
- Continuous Improvement – You can continuously enhance your security posture based on the feedback of new threats, as post-assessment support and retesting help in this situation.
- Certified Experts – The workforce contains certified ethical hackers and security researchers who have advanced knowledge in the finance industry.
- Thorough Reporting – In-depth, prioritized results and definite remediation procedures provide your IT and compliance team with power.
- Worldwide Presence, Local Knowledge – Qualysec has a customer base in the Asia-Pacific region, with its customary focus being on the Malaysian market.
Interested in the next level? Please get in touch with Qualysec Technologies to get a customized cybersecurity threat assessment and secure your financial processes now!
Conclusion
By 2025, a SWIFT compliance assessment will not only be a single box on a compliance list but rather an essential protection against the rising threats of cyberattacks on the financial industry. And following years of rapidly increasing regulatory attention as well as online attacks on financial institutions, such a strong and healthy management of SWIFT should be the focus of Malaysian banks to retain the core structures of operation and customer confidence. Through such collaborations with market leaders such as Qualysec Technologies, institutions will have access to security solutions designed by experts that will guarantee compliance, in addition to resilience. Never expose your financial operations to risk, make a serious consideration of a full SWIFT Security Assessment in order to secure a safe future and practice a high level of assurance toward security in the world scene, starting today!
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FAQs
1. What is a SWIFT Assessment?
A SWIFT Assessment is an independent evaluation of a financial institution’s related infrastructure, processes, and controls in a thorough and non-obtrusive manner. Its primary objective is to guarantee its compliance with the SWIFT Customer Security Controls Framework (CSCF), which provides worldwide standards on safeguarding financial messaging. This evaluation assists institutions in the determination of areas of weakness and reduction of risk, as well as showing their interest in sound security standards.
2. Why is a SWIFT Assessment important?
SWIFT Security Assessment is essential since it assists financial institutions and banks in countering the increasing wave of hacking attacks on SWIFT infrastructures. Building strategies to detect and manage vulnerabilities before they are exploited will help the institutions avoid the expensive and regulatory sanctions. Also, adherence to the conditions of SWIFT is required, and the non-observance of the latter may result in serious financial losses, the loss of reputation, and the very possibility of contact with the SWIFT network.
3. Who is required to conduct a SWIFT Assessment?
Any organization that is utilizing the SWIFT network, including all banks, payment processing, and service providers, must ensure that it conducts an annual SWIFT Assessment. This requirement is also imposed on the direct and indirect participants, irrespective of their size or volume of transactions realized. The demand makes all institutions processing SWIFT messages achieve a high level of security.
4. What are the responsibilities of the SWIFT security assessment?
Some of the activities involved in a SWIFT Assessment are to scope the assessment, all the applicable systems and endpoints, a gap analysis compared to the CSCF requirements, technical and procedural testing, remediation of the identified vulnerabilities, and a submission of an independent attestation of compliance. Continuous monitoring and continuous advances also need to be ensured by institutions, as the threats and regulatory needs remain active and change with time.
5. What is the SWIFT assessment tool used for?
Institutions use the SWIFT assessment tool (which goes by the name KYC-Security Attestation application (KYC-SA)) to make and administer their annual compliance attestations. Through this online program, institutions can record their compliance with the CSCF controls, present some proof of independent verification, and monitor any remediation. The tool also automates the reporting process and gives SWIFT and other regulators timely access to the security posture of each institution.
6. What is the frequency of the SWIFT Assessment?
SWIFT Assessment should be carried out every year, and the consequence attestation is normally done from July to December annually. This periodic frequency keeps the institutions on guard and constantly deals with the emerging threats, as well as keeps abreast with changes in the SWIFT requirements. Regulators and SWIFT also have continuous confidence that all the players are adhering to a high security profile by conducting the annual assessment programs.
7. What will be the consequences of a bank failing in the SWIFT Assessment?
In the event that a bank does not pass the SWIFT Assessment, then a number of serious consequences are bound to follow. The failure to do so may lead to the imposition of regulatory fines, additional attention from authorities, and loss of reputation that can erode customer loyalty. In extreme instances, institutions might be put on standby or even locked out of the SWIFT network, thus being unable to execute international transactions anymore. The only way of preventing these dangers is by promptly filling the identified gaps.
8. What kind of controls are evaluated with a SWIFT Assessment?
The SWIFT Assessment has a broad scope of control, such as access management, network security, malware protection, incident response, and physical security controls. The CSCF framework consists of 25 mandatory and 7 advisory controls at the present stage, and People can find everything from secure software development practices to frequent vulnerability checks in the framework. These controls aim at managing technical as well as procedural risks of SWIFT messaging.
9. Can one do self-assessment towards compliance with SWIFT?
Self-assessments are not deemed to be in line with the requirements of SWIFT anymore. Any SWIFT-related institutions are required to hire a qualified, independent assessor to confirm their adherence to CSCF. Such a transition makes the whole process more objective, comprehensive, and credible, which gives regulators and SWIFT increased confidence in the security positioning of each institution.
10. What are the implications of the SWIFT Assessment for Malaysian banks?
The SWIFT Security Assessment is not only a regulatory measure, but also a strategic consideration for Malaysian banks. The Singaporean [bank] Negara Malaysia requires an independent evaluation and compliance attestation on an annual basis for all SWIFT users. Since cyber threats are on the increase in the region, the banks in Malaysia are spending more on sophisticated security products and are adopting global best practices. Such a proactive strategy can assist in the preservation of assets, regulatory compliance, and the subsequent trust of the customers in a quickly developing digital environment.
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