New association strengthens financial centre’s cyber resilience

Joining forces for more cyber security: financial institutions and authorities will work together even more closely in future to strengthen cyber resilience. The Swiss Financial Sector Cyber Security Centre (Swiss FS-CSC) was founded for this purpose today. Its President is August Benz, Deputy CEO of the Swiss Bankers Association (SBA).

Together with Federal Councillor Ueli Maurer, Head of the Federal Department of Finance, representatives of the authorities, the financial sector and industry associations today founded the Swiss Financial Sector Cyber Security Centre (Swiss-FS-CSC; see FDF press release). The new association aims to increase the Swiss financial centre’s cyber resilience further still. In particular, it will facilitate the sharing of information between financial market players in Switzerland and enhance the prevention and management of systemic crisis situations. Cyber security is a top priority for the banks in Switzerland.

August Benz, Deputy CEO of the Swiss Bankers Association (SBA) and newly elected President of the Swiss FS-CSC, had this to say on its founding: “With this association, we have laid a solid foundation for ensuring that the financial centre can respond faster and more efficiently to cyber attacks in future. We are stepping up the flow of information and thus strengthening the resilience of banks and insurers against cyber threats.” Alexandra Arni, Head of ICT at the SBA, and Marc Cortesi, CISO at Baloise Groupe, complete the Board.

The National Cyber Security Centre (NCSC) led the preparations for founding the association, assisted by the State Secretariat for International Finance, the Swiss National Bank, the SBA, SIX, the Swiss Insurance Association and the Association of Foreign Banks in Switzerland. The Swiss Financial Market Supervisory Authority FINMA will support the Swiss FS-CSC in an advisory capacity. The association has over 80 founding members, including industry associations, banks and insurers. The SBA assumed the role of coordinator for its founding on behalf of the financial centre, overseeing a constructive collaboration between the federal government, authorities, industry associations and founding members, banks and insurers.

Membership of the Swiss FS-CSC is open to all banks, insurers, securities firms and financial market infrastructures that are based in Switzerland and authorised by FINMA as well as their associations. Swiss subsidiaries and branches of foreign banks and insurers that are authorised by FINMA may also join.

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