Financial Crime World

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Cybercrime Looms Large Over Switzerland’s Finance Industry: New Association Aims to Boost Cyber Resilience

Enhancing Cyber Security in the Financial Sector

BERN, SWITZERLAND - In a bid to enhance the country’s financial sector against growing cyber threats, representatives from authorities, industry associations, and banks have launched the Swiss Financial Sector Cyber Security Centre (Swiss-FS-CSC). The new association aims to strengthen the resilience of Switzerland’s finance industry by facilitating information sharing between market players and improving crisis management.

Growing Concerns Over Cybercrime

The initiative comes on the heels of increasing concerns over cybercrime in the financial sector. According to insiders, cyber security has become a top priority for Swiss banks, which are now more vulnerable than ever to sophisticated cyber attacks. The founding of the Swiss-FS-CSC reflects this growing awareness, with industry leaders acknowledging that the threat landscape is becoming increasingly complex.

Founding Members and Support

The association has already gained significant traction, with over 80 founding members on board, including:

  • Industry associations
  • Banks
  • Insurers
  • National Cyber Security Centre (NCSC)
  • State Secretariat for International Finance
  • Swiss National Bank
  • SIX
  • Swiss Insurance Association
  • Association of Foreign Banks in Switzerland

The Federal Department of Finance will provide support to the new association, while FINMA will offer advisory services. Membership is open to all banks, insurers, securities firms, and financial market infrastructures based in Switzerland that are authorized by FINMA, as well as their associations.

Enhancing Cyber Resilience with the Swiss-FS-CSC

The Swiss Financial Sector Cyber Security Centre aims to serve as a vital platform for information sharing and collaboration against cyber threats. As August Benz, Deputy CEO of the Swiss Bankers Association (SBA) and newly elected President of the Swiss FS-CSC, emphasized:

“We have laid a solid foundation for ensuring that the financial centre can respond faster and more efficiently to cyber attacks in future… We are stepping up the flow of information and thus strengthening the resilience of banks and insurers against cyber threats.”