WICS: Bridging Cyber Security Gaps in SWIFT through its Proprietary Technology

RakeshAsthana, MD & CEO



With the increasing real & potential threat levels within & outside financial and banking institutions, protecting information security has never been more important. One of the largest cyber heist was documented in February 2016, when through systematic cyber-attacks, hackers stole approximately $101 million from Central Bank of Bangladesh. This heist elevated security concerns of the global financial system in the face of persistent cyber-attacks, which have continued unabated. More over, it becomes essential for SWIFT customers to manage cyber security risk along with the risks associated with processes, personnel, and infrastructure concerned with payments and securities.

The financial & banking sector needs experts who can help prevent cyber-attacks using highly specialized tools and knowledge to fight future cyber-theft. World Informatix Cyber Security (WICS) developed a proprietary ‘SWIFT Payment System Assurance’ Framework based on SWIFT security guidelines and lessons learned from the attack on the SWIFT system of the Central Bank of Bangladesh to strengthen the financial & banking institutions
cyber security posture. WICS was engaged by the Governor of the Central Bank of Bangladesh for incident response, forensic investigation and remediation. This unique experience helped develop WICS proprietary controls framework to protect against similar attacks on SWIFT Payment Systems. “We were responsible for leading the emergency incident response, forensic investigation, containment, rapid vulnerability assessment and remediation of the Bangladesh Central Bank’s IT infrastructure,”avers Rakesh Asthana, MD & CEO, WICS.

The key differentiator of WICS is its ability to offer top-tier talent at cost effective prices and ability to rapidly scale up operations

Understanding the repercussions of the sophisticated attack, World Informatix Cyber Security’s SWIFT System Assurance Review uses manual & automated testing to leverage its own intellectual property, which is a proprietary knowledge product. WICS is an official SWIFT partner which works closely with SWIFT customers and conducts vulnerability assessments to detect the presence of indicator of malware used in SWIFT attacks worldwide using innovative proprietary tools.These tools are unique and no other companies have a similar tool set, as the Central Bank of Bangladesh has not yet made these malware samples public.

Top-tier Security Firm
The key differentiator of the company is its ability to offer top-tier talent at cost effective prices and ability to rapidly scale up operations. WICS designed this operating model along with its partners (domain experts) through its parent company World Informatix Cyber Security Inc. USA, along with an offshore delivery centre in Bangalore which hosts cyber security labs and certified engineers. “Our quality cyber security services are generally cost effective vis-à-vis top tier security firms,” claims Rakesh.

Transforming the world of cyber security, WICS’ Payment System Assurance framework includes consolidated checklists from SWIFT customer security program, industry standards (SANS, CIS, NIST and OWASP), alongside its unique experiences. WICS is a ISO (9001:2008) certified company for its Quality Management System and provides cost effective cyber security services. WICS SWIFT assessments are used as the basis for self-attestation (regarding security guidelines) by SWIFT customers for their cyber security posture.

Looking Towards the Future
Founded in 2012, WICS excels in providing personalized care and attention to detail for SWIFT customers and to go the extra-mile to protect their valuable information assets. It is a trusted partner of global business and governments with projects running worldwide. WICS is growing at an exponential rate and is seeking investor funds to scale up operations to meet rapidly increasing demands.