Financial Crime World

Cybercrime in Finance: Switzerland Takes a Major Step Forward with New Association

Switzerland has launched a new association aimed at boosting the cyber resilience of its financial centre, the Financial Sector Cyber Security Centre (FS-CSC). This public-private partnership brings together key stakeholders from the banking and insurance sectors with federal authorities to combat cybercrime in finance.

Background

The FS-CSC was established based on the National Strategy for the Protection of Switzerland against Cyber Risks, revised in 2018, and the cyber security strategy adopted by the Swiss Bankers Association (SBA) in the same year. The SBA made a significant contribution to the project, which is overseen by the National Cyber Security Centre (NCSC).

Objectives

The association was founded in response to recommendations made by an advisory board for the future of Switzerland’s financial centre in 2016. The objectives include:

  • Extending the services of the Reporting and Analysis Centre for Information Assurance (MELANI) to the entire financial sector
  • Setting up a body to oversee collaboration within the financial sector with participation from federal authorities
  • Building a crisis organisation

Key Features

The FS-CSC has already achieved an important milestone with the establishment of its Association Board, consisting of:

  • August Benz (SBA)
  • Alexandra Arni (SBA)
  • Marc Cortesi (Baloise)

The board is responsible for financial and organisational matters. Membership in the FS-CSC is open to Swiss banks, insurers, securities firms, financial market infrastructures, their associations, and other institutions within the financial centre. Federal authorities are also affiliated with the association and can participate in its Steering Board and Expert Group.

Next Steps

The next steps for the FS-CSC include:

  • Creating a platform for information sharing among members
  • Establishing a Crisis Coordination Cell
  • Negotiating with an existing provider to run its Operational Cybersecurity Cell, with further details expected to be announced soon

Conclusion

With the launch of the FS-CSC, Switzerland has taken a significant step forward in combating cybercrime in finance and setting a model for other sectors of the economy. The association is poised to play a key role in enhancing the cyber resilience of Switzerland’s financial centre and protecting its citizens from cyber threats.