Switzerland Takes Action Against Cybercrime Threat to Financial Sector

The growing threat of cybercrime has reached alarming levels, posing a significant risk to the reputation and stability of Switzerland’s financial sector. As a major financial hub, Switzerland is taking concrete steps to protect itself against this enhanced threat by establishing the Swiss Financial Sector Cyber Security Centre (Swiss FS-CSC) association.

A Coalition Against Cyber Threats

Launched on April 5, 2022, with the support of the Federal Parliament and Finance Minister Ueli Maurer, the Swiss FS-CSC brings together sector associations, banks, insurance companies, and other key players to improve cyber resilience in Switzerland’s financial centre. The association was developed in collaboration with the Federal Government’s delegate for cyber security, Florian Schütz.

Key Players Join Forces

Swiss Insurance Association SIA: CEO Urs Arbter emphasizes the importance of working together to build up resilience against cyber risks.
National Cyber Security Centre (NCSC): Representing the Federal Government’s expertise in cyber security.
State Secretariat for International Financial Matters: Providing strategic guidance on international financial matters.
Swiss Bankers’ Association: August Benz, deputy CEO, chairs the association and drives its efforts.
SIX: Participating as a key player in Switzerland’s financial infrastructure.
Swiss National Bank: Contributing to the association’s goals through its expertise and resources.

Membership and Support

The Swiss FS-CSC is open to all Finma-licensed insurance companies, banks, financial market infrastructure providers, and financial associations headquartered in Switzerland. Finma-licensed Swiss subsidiaries and branch offices of overseas banks or insurers are also eligible for membership. The association will be supported by the Swiss Financial Market Supervisory Authority Finma in an advisory capacity.

A Stronger Cyber Resilience

By coming together to address this shared threat, the Swiss financial sector aims to improve its cyber resilience, protect against crises, and maintain the trust and confidence of investors, customers, and other stakeholders.