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Cyber Threats Loom Large Over Switzerland’s Financial Sector

Switzerland, renowned for its robust financial market, is facing an increasing threat from cybercrime that could potentially shake its very foundations. The menace has sent alarm bells ringing in the corridors of power, prompting a coordinated effort to establish a bulwark against these digital threats.

A New Initiative: The Swiss Financial Sector Cyber Security Centre

The Swiss Financial Sector Cyber Security Centre (Swiss FS-CSC), established on April 5th this year with the backing of the Federal Parliament and Finance Minister Ueli Maurer, is the brainchild of this initiative. This association, comprising sector associations, banks, and insurance companies, has been created to address the burgeoning cyber risks in Switzerland’s financial landscape.

Objectives and Structure

According to sources close to the matter, the establishment of Swiss FS-CSC was prompted by a recommendation from the former advisory board for the future of the Swiss financial centre, in collaboration with the Federal Government’s delegate for cyber security, Florian Schütz. The association aims to enhance the cyber resilience of Switzerland as a financial hub by fostering information exchange and facilitating cost-efficient implementation of preventative measures.

Key Members and Partners

Swiss FS-CSC boasts a broad-based membership structure, with participation from key stakeholders such as:

• National Cyber Security Centre (NCSC)
• State Secretariat for International Financial Matters
• SIX
• Swiss National Bank
• Association of Foreign Banks in Switzerland

Leadership and Advisory Capacity

The association will be supported by the Swiss Financial Market Supervisory Authority Finma in an advisory capacity. Marc Cortesi, Chief Information Security Officer at Baloise Group, represents the Swiss insurance sector on the association’s board, while August Benz, deputy CEO of the Bankers Association, will chair the entity.

Membership and Future Plans

Membership to Swiss FS-CSC is open to all Finma-licensed insurance companies, banks, financial market infrastructure providers, and financial associations headquartered in Switzerland. As the threat landscape continues to evolve, the establishment of Swiss FS-CSC marks a significant step towards bolstering the resilience of Switzerland’s financial sector against cyber threats.