Switzerland Boosts Cyber Defenses with New Financial Sector Cyber Security Centre
In a bid to strengthen its financial sector’s resilience against cyber threats, Switzerland has launched the Swiss Financial Sector Cyber Security Centre (Swiss-FS-CSC), a new association aimed at facilitating information sharing and crisis management between financial market players.
A Key Step in Enhancing Cyber Resilience
Federal Councillor Ueli Maurer, Head of the Federal Department of Finance, joined industry representatives in founding the centre, which will play a crucial role in enhancing the country’s cyber resilience. Cyber security is a top priority for banks in Switzerland, and the new association is seen as a key step in ensuring the financial sector can respond quickly and effectively to potential cyber attacks.
Benefits of the Swiss FS-CSC
- Enhance information sharing between financial market players
- Improve crisis management capabilities
- Mitigate cyber risks and protect the country’s reputation as a secure and reliable hub for financial services
Leadership and Membership
August Benz, Deputy CEO of the Swiss Bankers Association (SBA) and President of the Swiss FS-CSC, said the centre will help “ensure that the financial centre can respond faster and more efficiently to cyber attacks in future”. The association has a strong board, including Alexandra Arni from the SBA and Marc Cortesi from Baloise Groupe.
The National Cyber Security Centre (NCSC) led preparations for the centre’s launch, assisted by key stakeholders such as the State Secretariat for International Finance, the Swiss National Bank, SIX, the Swiss Insurance Association, and the Association of Foreign Banks in Switzerland. FINMA will provide advisory support to the centre.
Founding Members
With over 80 founding members, including industry associations, banks, and insurers, the Swiss FS-CSC is poised to become a major player in Switzerland’s cyber security landscape. Membership is open to all banks, insurers, securities firms, and financial market infrastructures based in Switzerland, as well as their associations. Swiss subsidiaries and branches of foreign banks and insurers are also eligible to join.
A Secure Future for Switzerland’s Financial Sector
The centre’s launch marks an important step forward for Switzerland’s financial sector, which has long been a target for cyber threats. By enhancing information sharing and crisis management capabilities, the Swiss FS-CSC is well-positioned to help mitigate these risks and protect the country’s reputation as a secure and reliable hub for financial services.