Financial Crime World

Swiss Financial Institutions Boost Cybersecurity Efforts Amid Growing Threats

Enhancing Cyber Resilience in Switzerland’s Financial Sector

As Switzerland’s financial sector continues to be a global hub for transactions, maintaining the highest level of cybersecurity has become increasingly crucial. To address this challenge, the Swiss Financial Sector Cyber Security Centre (Swiss FS-CSC) has recently partnered with FS-ISAC, a non-profit organization that promotes cybersecurity and resilience in the financial system.

Partnership Benefits

The partnership between Swiss FS-CSC and FS-ISAC provides Swiss FS-CSC members access to a range of services aimed at strengthening cybersecurity, including:

  • Threat reports and analysis: Stay informed about potential threats and vulnerabilities
  • Crisis response planning and implementation: Develop and execute plans to respond to cyber attacks
  • Training exercises: Enhance staff knowledge and skills in cybersecurity
  • Support during cyber attacks: Receive assistance and guidance during a crisis

Emphasis on Cooperation and Information Sharing

August Benz, President of Swiss FS-CSC and Deputy CEO of the Swiss Bankers Association, emphasized the importance of maintaining high cybersecurity standards in the financial sector. “As part of the worldwide FS-ISAC network, we recognize the benefits of cooperation and see this partnership as a crucial step in establishing a country-specific system for information sharing among our members.”

Expanding Membership and Improving Cyber Resilience

Swiss FS-CSC is working to expand its membership, which currently comprises over 125 banks, insurers, associations, and affiliates. The organization aims to set up a crisis organization and further improve the financial sector’s cyber resilience.

Addressing the Growing Threat of Cyber Risks

Cyber risks have increased significantly in the financial sector, making close cooperation between financial institutions and authorities essential for identifying and combating these threats. Swiss FS-CSC was formed on April 5, 2022, in Zurich, with notable members including:

  • Swiss Bankers Association (SBA)
  • SIX
  • Swiss National Bank (SNB)
  • Swiss Insurance Association (SIA)
  • Association of Foreign Banks in Switzerland (AFBS)

The organization is supported by affiliates such as the Swiss Financial Market Supervisory Authority FINMA, the National Cyber Security Centre (NCSC), and the State Secretariat for International Finance (SIF).