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AEG NewsletterThird Quarter - 2021 | Issue #15 |
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“On-site interventions and meeting with our customers in person have been long waited for throughout the pandemic.”
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Word from the CEO
Our main concern at this point is to ensure that our clients are compliant with SWIFT CSCF v2021 by the end of December, while in parallel working closely with them to comply with the new release of CSCF v2022. Moreover, we are – as always – intensely determined to develop state-of-the-art solutions in response to the emerging needs of the different markets that we serve. Our latest solution “AEG Smart-B”, developed to enable the banks in the region to use the “BUNA” service using the “SWIFT Instant network”, was piloted successfully with SWIFT and BUNA for one of the important Jordanian banks. Besides, we are currently finalizing a number of big projects in KSA, Cyprus, Egypt and the Gulf area. Dr. Mohamed Sadek – CEO and General Manager SWIFT CSP v2022 Major changes in v2022The SWIFT Customer Security Controls Framework (CSCF) version 2022 builds incrementally on last year’s version (CSCF v2021). ü CSCF v2022 promotes control 2.9 (Transaction Business Controls) to mandatory. It supports and aligns with other regulations such as CPMI’s strategy which equally aims at reducing the risk of payment fraud related to endpoint security. ü A new advisory control 1.5A (Customer Environment Protection) is introduced to ensure protection of the ‘customer connector’ and other customer-related equipment by aligning the new control (applicable for architecture A4) with the existing control 1.1 (already applicable to the other architecture A types). ü Control 6.2 (Software Integrity) and control 6.3 (Database Integrity) are turned as Advisory for architecture A4 to further align with the other architecture A types. ü The scope of the existing control 1.2 (Operating System Privileged Account Control) is extended, as advisory, to general-purpose operator PCs and to architecture B as well. This provides basic security hygiene on end-user devices. ü Further minor clarifications or changes have been made to specific controls or to the overall CSCF framework to improve the usability and comprehension of the document and help users implement the framework as intended. AEG CSP Services How can we help you?SWIFT CSP PREASSESSMENTAEG will undertake a gap assessment covering your SWIFT environment, processes, controls and governance against the SWIFT CSP v2022. By understanding your architectural type and applicability to your operating environment, AEG can determine your security posture and develop a compliance plan based what is needed to meet the CSP v2022 requirements. REMEDIATION SERVICES1– Undertake Cyber Security repair programs to close gaps 2– Select and deploy SWIFT and third-party security tools 3– Assess and advocate a range of cyber tools Having identified your security posture including gaps against CSP v2022, we provide our recommended services to align your operating environment with compliance objectives, or in other words, we assist you to fill the gaps. Moreover, we provide an independent assessment to accompany your self-assessment that meets CSP v2022’s requirements. SWIFT CSP AUDIT AND ATTESTATION SERVICESAEG can prepare you to perform an attestation examination aligned with the compliance criteria of the SWIFT CSCF. CSCF Timeline
For more information, contact your account manager here SWIFT Directory link: https://www.swift.com/myswift/customer-security-programme-csp_/community-engagement/assessment-providers-directory AEG Smart-B Successful Pilot Following the Arab Monetary Fund (AMF) launch of BUNA early 2020, the regional payment platform, AEG has been developing a new solution that answers the needs of this new platform. In fact, we have successfully piloted AEG Smart-B in Jordan in collaboration with SWIFT and BUNA to facilitate the communication between the banks connected to BUNA and the banks in Europe. It has been a successful project; RTGS is up and running, while more testing is to be done on the IPS (Instant Payment System). AEG Smart-B is a new solution that handles all the integration needed to easily become a BUNA participant without making any major technical changes on your back-end offices and mitigating any impact on your operational business flow. This enables your bank to lay off the headache of handling potential technical challenges. AEG Smart-B application is developed in a flexible and customizable way to meet the requirements of BUNA workflows for RTGS and IPS payments. This application will be customized and enhanced to meet the requirements of BUNA and our clients. For more information, contact your account manager here Bahrain Economic Development Event As part of the Bahrain Economic Development Board’s (EDB) efforts to bring the key players in the payment industry in a single Forum, it has developed a boardroom series to discuss the “The Path Ahead for Payment Providers”. We are pleased to say that our AEG team in Bahrain was selected to deliver one of two keynote speeches in this event. This event, took place on July 6th, included speakers from key players in the Bahrain Financial services industry such as the Central Bank of Bahrain (CBB) and Bahrain’s Electronic Network for Financial Transactions (BENEFIT) and rising players in the field such as NEC and Batelco Financial Services.
AEG’s Expansion to Kuwait
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In This Issue |
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01. SWIFT CSP v2022 |
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02. AEG CSP Services |
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03. AEG Smart-B Successful Pilot |
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04. Bahrain Economic Development Event |
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05. AEG’s Expansion to Kuwait |
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Reminders and Announcements ü CSP v2022 released in July 2021 ü CSP Community-Standard Assessments is mandated starting July 2021 ü AEG gpi-PRO application is now a SWIFT Compatible Application for the year 2021 ü AEG Universal Payment Confirmation is self-attested and published on swift.com ü AEG is listed on SWIFT’s directory as CSP Assessor ü AEG is listed on SWIFT’s directory as Cyber Security Service Provider
Testimonials Thank you so much for your excellent support and patience throughout our deployment – Abu Dhabi Commercial Bank
“AEG has launched its newly developed solution in collaboration with SWIFT and BUNA”
“AEG is continuously seeking to expand to new markets where its services are mostly needed”
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Now that the world is almost recovered from the
pandemic, we are back to our normal business conduct; we are paying our
clients on-site visits, and we are planning a number of seminars and
roadshows in various countries, especially in Africa, as well as a number of
free Webinars about Cybersecurity in order to raise awareness about the CSCF
v2021 and v2022.
AEG’s topic was on “the global direction of cross-border
payments” and the speech was very well-received by the audience which
comprised a relatively tight circle of C-level attendees and top-level
managers. This further strengthens AEG’s credibility within the financial
sector in Bahrain and enables the formation of potential relationships with
other key players in the market.
Thanks to the efforts of its teams and the vision of
its leadership, AEG is no stranger to many of the biggest banks in the
region. In that light, we are pleased to say that our footprint in Kuwait market
is also expanding. In this quarter AEG was able to secure a strategic
security project with the joined efforts of our Bahrain Branch and our
Headquarters in Lebanon. This project with a renowned bank in Kuwait will
hopefully pave the way to grow further in the Kuwaiti market and add to the
list of esteemed banks who have chosen AEG to be their partner.