Boosting cyber security in Switzerland’s financial markets
The ‘Swiss Financial Sector Cyber Security Centre’ (Swiss FS-CSC) was founded in Zurich on 5 April 2022. This association aims to promote collaboration between Swiss financial institutions in the fight against cyber threats, thereby increasing the financial centre’s resilience. Private insurers are also involved in this venture, in the form of Marc Cortesi, Chief Information Security Officer at the Baloise Group.
The financial sector is facing cyber risks on an increasing scale. Cyber events damage the reputation of the Swiss financial sector, and could even lead to a financial crisis. As a result, this threat needs to be taken seriously.
Switzerland, as a financial centre, is protecting itself against the enhanced threat of cyber-crimes by establishing the ‘Swiss Financial Sector Cyber Security Centre’ (Swiss FS-CSC) association. The association is composed of sector associations, banks and insurance companies, and was founded on 5 April 2022 with the assistance of the Federal Parliament and Finance Minister Ueli Maurer. It was created on the recommendation of the former advisory board for the future of the Swiss financial centre and developed in collaboration with the Federal Government’s delegate for cyber security, Florian Schütz.
The association’s goal is to improve the cyber resilience of Switzerland as a financial centre, constructing regulated structures to promote the exchange of information and facilitate the cost-efficient implementation of preventative measures. In turn, this means crises will be easier to manage if things head south.
«The insurance industry is seeing a major increase in cyber risks. For our sector, it is important that we equip ourselves as best possible to face up to this challenge and collaborate on building up our resilience,» says Urs Arbter, CEO of the Swiss Insurance Association SIA, upon the establishment of the association in Zurich.
For more cyber security: Federal Councillor Ueli Maurer with board members August Benz, Alexandra Arni and Marc Etienne Cortesi (from left).
A broad-based association
The foundations for the establishment of the association were laid under the leadership of the National Cyber Security Centre (NCSC), in collaboration with the State Secretariat for International Financial Matters, the Swiss Bankers’ Association, SIX, the Swiss National Bank, the Swiss Insurance Association SIA and the Association of Foreign Banks in Switzerland. The Swiss Financial Market Supervisory Authority Finma will support Swiss FS-CSC in an advisory capacity.
The Swiss insurance sector is represented on the association’s board by Marc Cortesi, Chief Information Security Officer at the Baloise Group. It will be chaired by the deputy CEO of the Bankers Association, August Benz.
All Finma-licensed insurance companies, banks, financial market infrastructure providers and financial associations headquartered in Switzerland are welcome to join the Swiss FS-CSC association. Finma-licensed Swiss subsidiaries and branch offices of overseas banks or insurers are also able to take up membership of the association.
