Financial Crime World

Cybercrime Threatens Swiss Financial Institutions

Switzerland’s banks and financial institutions are facing a growing threat from cyberattacks, particularly with more employees working remotely. Despite the risks, however, Switzerland’s financial sector has made significant progress in recent years.

A Shift in Risk

The shift to remote work has increased vulnerability to cyberattacks, but there hasn’t been an increase in reported incidents. Instead, people have become more aware of cybersecurity risks and are taking steps to mitigate them. As Switzerland’s Federal Cybersecurity Delegate, Florian Schütz notes:

“We’ve seen people becoming more aware.”

The financial sector is a prime target for cyber attackers, with over 80% of attacks attributed to organized crime. In Switzerland, the global percentages apply, with banks being heavily targeted due to their possession of large amounts of money.

  • Over 80% of attacks are attributed to organized crime
  • Banks are heavily targeted due to their possession of large amounts of money

The Reality of 100% Security

Schütz emphasizes that 100% security is impossible, both mathematically and practically. Instead, companies must balance the level of security with their business operations.

“You want to have a certain risk appetite in order to do business, in order to be innovative.”

Switzerland’s Cybersecurity Advantage

While Switzerland may not be considered a leader in digital services, Schütz believes that the country has an advantage when it comes to cybersecurity. The Federal Institutes of Technology are among the best universities in the world, and there is a strong culture of innovation in the country.

  • The Federal Institutes of Technology are among the best universities in the world
  • Strong culture of innovation in Switzerland

Innovative Solutions

Schütz highlights the work of ETH Zurich Professor Dr. Adrian Perrig and his team who developed a new method for secure communication using a blockchain-based solution.

  • Developed a new method for secure communication using a blockchain-based solution
  • Potential to decrease risk, increase resiliency, and enable new business models

Cybersecurity in the Financial Sector

Banks are critical infrastructure providers, and therefore need robust cybersecurity measures to protect against cyber threats. The National Cyber Security Centre is working closely with FINMA to develop an information-sharing centre that will help to build trust between banks, regulators and law enforcement agencies.

  • Banks are critical infrastructure providers
  • Need robust cybersecurity measures to protect against cyber threats

Global Contributions

Switzerland’s financial sector contributes significantly to the global efforts to secure the financial services sector. Swiss institutions invest heavily in cybersecurity, share best practices and knowledge, collaborate well with other international players, and help push technology forward for everyone.

  • Contribute significantly to the global efforts to secure the financial services sector
  • Invest heavily in cybersecurity, share best practices and knowledge, and collaborate with international players.