Here’s the rewritten article in markdown format:
Cybercrime on the Rise: Switzerland’s Finance Industry Under Threat
===========================================================
Introduction
In a worrying trend, the world is bracing itself for an increase in cyberattacks following Russia’s sanctions by the West. The World Economic Forum’s Global Risks Report 2020 has already sounded the alarm on information infrastructure breakdown and large-scale cyberattacks as topmost impactful risks.
Financial market infrastructures globally are not immune to these threats, and experts warn of massive potential disruption to critical financial services. Cyberattacks are constantly evolving, becoming more sophisticated and targeted, accompanied by a growing number of opportunistic strikes. The recent ejection of certain financial institutions from the SWIFT international payments system has further stoked concerns that cryptocurrencies like Bitcoin are being used to circumvent Western sanctions.
Switzerland’s Finance Industry Under Threat
Switzerland’s finance industry is particularly vulnerable due to its reliance on digitalized business processes, making it an attractive target for cybercriminals. In a recent wave of cyberattacks during the pandemic, Switzerland and abroad witnessed significant disruptions to financial services.
Experts Stress Need for Cyber Defense
Financial institutions in Switzerland must invest in robust cyber defense measures to address these threats. An upcoming Master Class at the University of Geneva, hosted by Prof. Olivier Scaillet, SFI Senior Chair, aims to provide seasoned banking and finance professionals with insights into enterprise-wide cyber risk management and the potential impacts of cyberattacks on financial business processes.
Key Topics Covered in the Master Class
- Potential vulnerabilities and threats inherent in digitized financial business processes (cryptocurrencies, latency/arbitrage risks, flash crashes, speed trading)
- Characteristics of recent cyber threats and challenges involved in response activities
- Implementation of enterprise-wide cyber risk management
Industry Experts Weigh In
Industry experts like Alain Beuchat, Chief Information Security Officer at Banque Lombard Odier, and Beat Schaer, Head IT Security and Architecture at the Swiss National Bank, will share their expertise on responding to cyber threats. Participants will engage in hands-on exercises and group work to tackle key challenges encountered when responding to a cyber threat.
Register Now
Places are limited, and late cancellations or no-shows prevent others on the waiting list from attending. To avoid disappointing those who want to attend, register now if you can make it, or let us know as soon as possible if your plans change.
As a seasoned banking and finance professional, this Master Class is an opportunity not to be missed. Register here and join industry experts in an interactive learning environment to stay ahead of the evolving cyber threats landscape: [Registration Link]