Swiss Financial Institutions Unite Against Cybercrime Threats

Strengthening Cooperation and Resilience in the Face of Growing Cyber Threats

Zurich, Switzerland - In a bid to enhance cooperation and resilience against growing cyber threats, Switzerland’s financial sector has come together to form the Swiss Financial Sector Cybersecurity Centre (Swiss FS-CSC) association. The initiative was launched on April 5th with the presence of Finance Minister Ueli Maurer.

The Growing Need for Enhanced Cybersecurity

Cyber incidents that compromise the reputation of Switzerland’s financial centre or pose a risk of severe financial crisis have become increasingly common, prompting Federal Councillor Ueli Maurer to task Florian Schütz, the Federal Cybersecurity Delegate, with establishing a framework for cooperation between private sector companies and financial authorities. The Swiss FS-CSC association is a direct result of this effort.

Founding Members and Key Stakeholders

With over 80 founding members, including major banks, insurance companies, and financial associations, the Swiss FS-CSC aims to facilitate information exchange, improve cooperation on preventive measures, and enhance crisis management within the sector. Key stakeholders such as:

• The National Cybersecurity Centre (NCSC)
• The State Secretariat for International Finance
• SIX
• The Swiss National Bank
• The Swiss Insurance Association
• The Association of Foreign Banks in Switzerland

played a crucial role in laying the groundwork for the association’s founding.

Leadership and Membership

August Benz, Deputy CEO of the Swiss Bankers Association (SBA), will chair the Swiss FS-CSC. Membership is open to all banks, insurance companies, financial market infrastructures, and associations with FINMA authorization. This includes subsidiaries and branches of foreign banks and insurers operating in Switzerland with FINMA approval.

Advisory Support from FINMA

The Swiss Financial Market Supervisory Authority (FINMA) has agreed to provide advisory support to the association. As the sector continues to evolve in response to emerging threats, the establishment of the Swiss FS-CSC is a significant step forward in bolstering cybersecurity resilience and protecting the integrity of Switzerland’s financial system.

In Conclusion

The Swiss Financial Sector Cybersecurity Centre (Swiss FS-CSC) association marks a significant milestone in enhancing cooperation and resilience against growing cyber threats. With over 80 founding members and key stakeholders from across the sector, the association is well-positioned to facilitate information exchange, improve preventive measures, and enhance crisis management. The establishment of the Swiss FS-CSC is a testament to the sector’s commitment to bolstering cybersecurity resilience and protecting the integrity of Switzerland’s financial system.