An association aimed at strengthening the fight against cyber threats against the Swiss financial center was created on Tuesday in Zurich in the presence of Federal Councilor Ueli Maurer. It is based in particular on cooperation between financial institutions and the authorities.
"Cyber incidents that could damage the reputation of the Swiss financial center or cause a serious financial crisis represent a growing threat," the Federal Department of Finance said on Tuesday.
The association “Swiss Financial Sector Cyber Security Center” (Swiss FS-CSC) created on Tuesday in Zurich aims to strengthen cooperation between financial institutions and the authorities in the fight against cyber threats. It is also about increasing the “cyber resilience” of the financial sector.
On the recommendation of the former advisory committee “Future of the Financial Center”, Federal Councilor Ueli Maurer has instructed Federal Cybersecurity Commissioner Florian Schütz to equip the financial sector with structures to strengthen cybersecurity.
The association must in particular facilitate the exchange of information between the various players in the financial market in Switzerland. It also aims to strengthen collaboration in the implementation of preventive measures and in the management of systemic crises.
Swiss FS-CSC has more than 80 founding members. These are associations, banks, and insurance companies. The chair is held by August Benz, Deputy Managing Director of the Swiss Bankers Association (SBA).
All banks, insurance companies, financial market infrastructures, and industry associations can join the newly created association. They must have their registered office in Switzerland and be authorized by Finma. The same applies to subsidiaries and branches in Switzerland of foreign banks and insurers authorized by Finma.