Crisis Coordination Cell of the Swiss FS-CSC is preparing for emergency

A targeted cyberattack on the financial centre could have serious consequences for the local economy. To ward off a potentially systemic cyber crisis, in 2023, the Swiss financial centre has established a Crisis Coordination Cell (CCC) as part of the Swiss Financial Sector Cyber Security Centre (Swiss FS-CSC). Yesterday, at the Swiss National Bank’s Forum in Zurich, the CCC for the third time successfully tested its readiness, its operational framework and its processes in a cyber exercise.

The financial sector and its services constitute critical infrastructure for Switzerland, its population and their livelihoods. A failure of relevant systems, processes or institutions can damage the entire economy, with negative repercussions felt by the public. Cyber security is therefore a top priority for banks, insurers and other financial institutions. “In the event of a systemic cyber crisis, a cyber attack leads to far-reaching disruptions in the financial centre. It is therefore not just individual players that are affected. It would jeopardise the interaction and stability of the entire system,” explains Alexandra Arni, Executive Officer of the Swiss FS-CSC. She emphasises: “In an emergency, the aim is to prevent operational disruptions and limit the damage. In addition to protecting our members and their customers from financial losses, it is also essential to maintain trust and reliability.”

Cooperation between the private sector and authorities is crucial

In April 2022, the Swiss financial sector, in cooperation with public authorities, founded the Swiss FS-CSC as a public-private partnership to enhance cyber resilience. The Crisis Coordination Cell (CCC) is a body comprising representatives of the key stakeholders: The CCC members hold COO and business resilience or other senior management roles in systemically important banks in Switzerland, at major insurers, at the National Cyber Security Centre, at the Swiss National Bank, at the State Secretariat for International Finance, at SIX and at associations of Swiss and Liechtenstein financial institutions. In the event of a systemic cyber crisis, this committee takes charge of coordinating damage limitation and the restoration of critical processes and services.

Preparing for an emergency

Cyber exercises simulate a potential systemic crisis scenario. Under realistic conditions, the CCC follows the defined management process and identifies necessary measures. “The cyber exercises help the financial centre to be prepared to react quickly and in a coordinated manner in the event of a cyber crisis, in order to minimise the damage to the economy,” says Alexandra Arni, adding: “These exercises and their preparation also enhance our ability to protect against cyber risks and to prevent cyber attacks from escalating into systemic crises.”

About Swiss FS-CSC

Constituted as an association, the Swiss FS-CSC is a public-private partnership. Its aim is to improve the financial sector’s resilience to cyber risks, and to foster a partnership between financial institutions and the authorities on strategic and operational issues. The Swiss FS-CSC was founded on 5 April 2022 in Zurich and now has almost 180 members, among them banks, insurers and reinsurers, financial service providers, the Swiss National Bank (SNB), SIX, securities firms and industry associations. The Swiss Financial Market Supervisory Authority (FINMA), the National Cyber Security Centre (NCSC) and the State Secretariat for International Finance (SIF) support the association as affiliates and are represented in its key governing bodies.