Cybercrime a Growing Threat to Swiss Financial Institutions: Association Works to Enhance Cyber Resilience
The threat of cybercrime has increased significantly for the Swiss financial sector in recent years. Incidents that can damage the reputation of the Swiss financial sector or lead to severe financial crises are becoming more frequent, making close cooperation between financial institutions and authorities crucial to identifying and combating these risks.
Establishment of the Swiss Financial Sector Cybersecurity Centre
To address this challenge, the Swiss Financial Sector Cybersecurity Centre (Swiss FS-CSC) was established in Zurich on April 5, 2022. The association has 55 founding members, including banks, insurers, reinsurers, and industry associations such as the Swiss Bankers Association, SIX, the Swiss National Bank, the Swiss Insurance Association, and the Association of Foreign Banks in Switzerland.
Mission and Objectives
Swiss FS-CSC aims to enhance the financial sector’s ability to withstand cyber risks and promote a partnership between financial institutions and authorities on strategic and operational issues. The association is supported by affiliates including the Swiss Financial Market Supervisory Authority (FINMA), the National Cyber Security Centre (NCSC), and the State Secretariat for International Finance (SIF).
Key Partnerships
- Swiss FS-CSC operates an “Operational Cyber Security Cell” (OCS) in partnership with the Financial Services Information Sharing and Analysis Center (FS-ISAC).
- The association’s steering board is composed of around 20 members, including companies such as Baloise, Credit Suisse, Helvetia, Mobiliar, PostFinance, Raiffeisen, SIX Group, Swiss Life, UBS, and Zürcher Kantonalbank.
- Industry associations represented on the steering board include the Swiss Bankers Association, the Swiss Insurance Association, the Association of Foreign Banks in Switzerland, the Association of Swiss Cantonal Banks, the Association of Swiss Asset Management and Wealth Management Banks, the Association of Swiss Private Banks, and the Association of Swiss Regional Banks.
Governance Structure
The association board consists of four elected members:
- President: August Benz
- Vice President: Alexandra Arni
- Treasurer: Marc Etienne Cortesi
- Gabor Jaimes
Board Responsibilities
The board’s tasks include organizational and financial management, admission and exclusion of members, election of the executive director, and establishment of the executive office.
Expert Group
The association operates an “Operational Cyber Security Cell” (OCS) in partnership with the Financial Services Information Sharing and Analysis Center (FS-ISAC). The OCS is advised by an expert group comprising around 70 representatives from member organizations and affiliates, which is divided into chapters focusing on risk management, regulation and compliance, relationship management and organizational development, exercises and training, technology and innovation, crisis management support, and operational excellence.
Conclusion
The Swiss Financial Sector Cybersecurity Centre (Swiss FS-CSC) is well-positioned to address the growing threat of cybercrime in the Swiss financial sector. With its strong membership base and partnership with industry associations and authorities, Swiss FS-CSC aims to enhance the cyber resilience of the financial sector and promote cooperation between financial institutions and authorities.
Contact: Alexandra Arni, Executive Officer, Business Office, Swiss Financial Sector Cybersecurity Centre (Swiss FS-CSC) [insert contact information].