Financial Crime World

Swiss Banks Urged to Strengthen Cybersecurity Measures

As digitalization continues to advance and criminal activity on the rise, the private sector in Switzerland is being urged to take immediate action to defend against the growing threat of cyberattacks. The Swiss Bankers Association has identified five key areas where measures must be taken to ensure the country’s economy remains secure.

Traditional Cybersecurity Efforts Not Enough

According to the association, traditional cybersecurity efforts by Swiss banks have been commendable, but a large-scale cyberattack scenario is now more realistic than ever before. Such an attack could have devastating consequences for the Swiss population and economy, causing widespread collateral damage.

To mitigate this risk, the association is calling for:

  • Closer Collaboration between Authorities and Private Sector Stakeholders: The establishment of a federal competence centre for security, which would bundle and strengthen cybersecurity responsibilities within the administration.
  • Creation of a Crisis Organisation for the Banking Sector: Developing realistic crisis scenarios under the leadership of authorities, setting up bank-specific crisis organisations, and conducting regular exercises to increase cyber-resilience.
  • Increased User Sensitisation: Highlighting particular risks associated with online activities, including banking-related issues, through awareness campaigns and education initiatives.
  • Improvements in Education: Integrating cybersecurity risks into all courses of study to strengthen non-technical cyber competencies among students.

Success Depends on Collaboration

The success of these measures will depend on close collaboration between banks, authorities, and other stakeholders. The Swiss Bankers Association believes that by working together, Switzerland can assume a leading position in cybersecurity internationally and maintain the trust of investors and customers.

Conclusion

As the country’s economy becomes increasingly interconnected, it is essential that cybersecurity measures are prioritized to protect against the growing threat of cyberattacks. By taking immediate action, Switzerland can ensure its financial institutions remain secure and continue to thrive in an increasingly digital world.