Financial Crime World

Cybercrime and Financial Institutions in Switzerland: Enhancing Cyber Resilience

Switzerland’s financial sector is facing an increasing threat from cybercrimes, which can damage its reputation or lead to severe financial crises. To address this challenge, the Swiss National Cyber Security Centre (NCSC) has launched a new initiative - the Swiss Financial Sector Cybersecurity Centre (FS-CSC).

Enhancing Cyber Resilience in the Financial Sector

The FS-CSC is an association that brings together leading financial institutions in Switzerland, including banks, insurance companies, and financial market infrastructures. The centre’s main goal is to enhance the cyber resilience of the Swiss financial sector by providing threat intelligence, crisis management, and incident response capabilities.

Key Objectives

  • Promote cooperation between financial institutions and authorities on strategic and operational cybersecurity issues
  • Enhance the cyber resilience of the Swiss financial sector
  • Provide threat intelligence, crisis management, and incident response capabilities to members

Membership and Fees

Membership in the FS-CSC is open to all banks, insurance companies, and financial associations that are headquartered in Switzerland and licensed by the Swiss Financial Market Supervisory Authority (FINMA). The fees for members are divided into five categories based on FINMA’s categorization of banks and insurance companies.

Services Offered

  • Threat intelligence: Sharing high-value strategic and tactical intelligence with members to enable effective information exchange.
  • Cyber crisis management: Offering specific services covering the preparation, response, and post-crisis phases of a systemic cyber crisis.
  • Prevention: Organizing strategic and operational cyber exercises and training for all members.

Supporters

The FS-CSC has already gained support from several leading financial institutions in Switzerland. August Benz, Deputy CEO of the Swiss Bankers Association (SBA), has been appointed as one of the centre’s key representatives. Other supporters include Gunthard Niederbäumer, Head of Non-life and Reinsurance at the Swiss Insurance Association (SIA), and Marc Cortesi, CISO of Baloise Group.

Conclusion

The establishment of the FS-CSC is a significant step towards enhancing cyber resilience in Switzerland’s financial sector. By promoting cooperation between financial institutions and authorities, this centre aims to protect the country’s economy from the growing threat of cybercrimes.