Enhancing Cybersecurity in Switzerland’s Financial Sector: A New Association Takes Shape
Introduction
A new association aimed at bolstering cybersecurity in Switzerland’s financial sector has been launched, aiming to strengthen cooperation between financial institutions and authorities. The Swiss Financial Sector Cybersecurity Centre (Swiss FS-CSC) was founded on April 5, 2022, in Zurich, with the presence of Federal Councillor Ueli Maurer.
Growing Concerns and Need for Action
The association responds to escalating concerns about cyber threats that could irreparably damage Switzerland’s financial centre reputation or trigger a severe financial crisis. In response to these concerns, Maurer tasked Florian Schütz, the Federal Cybersecurity Delegate, with establishing necessary structures in cooperation with the private sector and financial authorities.
Aims and Objectives
The Swiss FS-CSC association aims to enhance cyber-resilience in Switzerland’s financial centre by facilitating information exchange between financial market players and improving cooperative preventive measures and crisis management on a sector-wide level. The association boasts over 80 founding members, including associations, banks, and insurance companies.
Key Founding Members and Supporters
The groundwork for the association was led by:
- National Cybersecurity Centre (NCSC)
- State Secretariat for International Finance
- Swiss Bankers Association (SBA)
- SIX
- Swiss National Bank
- Swiss Insurance Association
- Association of Foreign Banks in Switzerland
The Swiss Financial Market Supervisory Authority (FINMA) will support the association in an advisory capacity.
Leadership and Membership
August Benz, Deputy CEO of the SBA, will chair the association’s board, which also includes Alexandra Arni, Head of ICT at the SBA, and Marc Cortesi, CISO at Baloise Group. Membership is open to:
- Banks
- Insurance companies
- Financial market infrastructures
- Financial associations with their registered office in Switzerland and FINMA authorisation
Swiss subsidiaries and branches of foreign banks and insurance companies with FINMA authorisation can also join the association as members.
Conclusion
The launch of the Swiss FS-CSC association marks a significant step towards enhancing cybersecurity in Switzerland’s financial sector and strengthening its resilience to cyber threats.