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Switzerland’s Financial Sector Braces for Cybercrime Surge Amid Pandemic
As the global pandemic continues to shift the way people work, Switzerland’s financial sector is grappling with a new set of cybersecurity challenges.
Cybersecurity Challenges Amid Remote Work
Despite reports suggesting that cyberattacks on banks and financial institutions have increased globally, Switzerland’s Federal Cybersecurity Delegate Florian Schütz insists that the country has not seen a significant surge in incidents. However, Schütz warns that the shift to remote work has created new vulnerabilities for companies, particularly in the finance sector.
- “The home office was open for attacks… hackers could use an angle over a private email address using phishing,” he explains.
- Despite this, Schütz notes that employees have become more aware of cybersecurity risks and are taking steps to mitigate them.
History of Cyberattacks on Switzerland’s Financial Sector
Switzerland’s financial sector is no stranger to cyberattacks, with the country’s banks and institutions having been targeted by organized crime groups in recent years. According to S&P Global Ratings, the financial sector was the most heavily hit by cyberattacks globally over the past five years.
- Schütz notes that this trend is likely to continue, citing the Verizon Data Breach Report which found that more than 80% of cyberattacks are carried out by organized crime groups seeking financial gain.
Banks’ Efforts to Protect Themselves
Banks and financial institutions in Switzerland are well aware of these threats and are taking steps to protect themselves.
- “They’re very good at calculating loss and calculating risk, and this also comes a little bit more natural in that sector,” Schütz says.
- However, he notes that 100% security is impossible and that companies must strike a balance between security and innovation.
Cultural Approach to Cybersecurity
Schütz highlights the importance of cultural approach to cybersecurity, citing Switzerland’s strong technology infrastructure and universities as strengths. He also praises the country’s start-up scene, which is developing innovative solutions to cybersecurity challenges.
- One example he cites is a project by SIX, Switzerland’s financial infrastructure provider, which tested an anonymized data-sharing system with banks and other financial institutions.
Collaboration and Transparency
Despite criticism from the Swiss Federal Audit Office over banks’ lack of transparency in reporting cyberattacks, Schütz notes that regulators and industry players are working together to improve cybersecurity resilience. He suggests that the creation of an information-sharing and analysis center could help address these concerns while also improving data sharing between banks and regulators.
Global Cybersecurity Efforts
When it comes to global cybersecurity efforts, Schütz believes that Switzerland plays a significant role in promoting best practices and knowledge sharing. He notes that Swiss institutions collaborate closely with international partners such as Singapore and the UK, and that the country’s start-up scene is developing innovative solutions for the benefit of the global financial sector.
Conclusion
Overall, while the pandemic has created new cybersecurity challenges for Switzerland’s financial sector, Schütz is optimistic about the country’s ability to adapt and innovate in response.