SWITZERLAND TAKES STAND AGAINST CYBERCRIME IN FINANCE SECTOR
Boosting Cyber Resilience in Switzerland’s Financial Centre
In a significant move to combat cybercrime, a new public-private partnership has been established in Switzerland. The Financial Sector-Cybersecurity Centre (FS-CSC) was founded on April 5 in Zurich, marking a major milestone in the fight against cyber threats.
Background and Objectives
The FS-CSC is a direct result of a two-year project led by the National Cyber Security Centre (NCSC), which received substantial support from the Swiss Bankers Association (SBA). The initiative aims to strengthen cooperation between banks, insurance companies, and federal authorities in addressing cyber threats. The partnership is a response to three recommendations made by the advisory board for the future of the Swiss financial centre in 2016:
- Extending services: Extending the services of the Reporting and Analysis Centre for Information Assurance (MELANI) to the entire financial sector
- Oversight body: Setting up an oversight body
- Crisis organisation: Building a crisis organisation
Key Components of the FS-CSC
The FS-CSC will serve as a model for other sectors of the economy, with its articles of association adopted by the founding meeting on April 5. The association board consists of three members:
- August Benz (SBA President)
- Alexandra Arni (SBA Vice President)
- Marc Cortesi (Baloise Treasurer)
The partnership will enable Swiss banks, insurers, securities firms, financial market infrastructures, and other institutions to share information and best practices in cyber security. It will also establish a Crisis Coordination Cell and an Operational Cybersecurity Cell, which will be run by an existing provider.
Federal Councillor’s Support
Federal Councillor Ueli Maurer welcomed the new association, calling on banks and insurance companies to join forces against cyber threats. “Public-private partnership is the only way to overcome the current challenges of cyber risk,” he said.
Next Steps
The FS-CSC’s next steps include:
- Creating a platform for information sharing among members
- Establishing the Crisis Coordination Cell
- Negotiating with an existing provider to run the Operational Cybersecurity Cell