One of the biggest operational cyber exercises for the Swiss financial sector implemented successfully
The Swiss Financial Sector Cyber Security Center (Swiss FS-CSC) has today, Thursday, successfully completed one of the biggest operational cyber exercises for the Swiss financial centre. The exercise, implemented within as a public-private partnership in close cooperation with key stakeholders in the Swiss financial sector, represents a significant milestone in strengthening cyber resilience in Switzerland. .
Coordinated by the Swiss FS-CSC, an association that was founded more than two years ago, the exercise brought together more than 120 participants from financial institutions (primarily banks, insurers and reinsurers) and public authorities to complete preventive training on different cyber scenarios.
The aim was to systematise crisis response procedures, coordinate interfaces and strengthen the immediate reaction to cyber incidents in order to increase the financial sector’s resilience to cyber threats.
“The financial sector faces rising cyber threats and needs to actively address the challenges associated with this. Our exercise today clearly demonstrates the importance of simulating potential incident scenarios with our members and the authorities,” explains Alexandra Arni, Executive Officer of the Swiss FS-CSC and Head of ICT for the Swiss Bankers Association (SBA). “Close cooperation between financial institutions and the authorities is crucial to manage cyber incidents effectively and strengthen the long-term security of the Swiss financial centre.”
The joint physical exercise involved the simulation of specific cyber scenarios. Participants learned about the tools available to Swiss FS-CSC members in the event of a cyber incident with a focus on immediate response and short-term measures.
August Benz Präsident von Swiss FS-CSC und Stellvertretender CEO der SBVg zieht ein positives Fazit: «Swiss FS-CSC hat mit der erfolgreichen Orchestrierung dieser Grossübung bewiesen, dass Prävention und Bewältigung von Cyber-Krisen effektiv und koordiniert angegangen werden», und weiter: «die Veranstaltung unterstreicht die aktive Rolle des Schweizer Finanzplatzes in der Bekämpfung von Cyber-Kriminalität und zeigt, dass die Public-Private-Partnership zwischen Finanzinstituten und Behörden ein zentraler Pfeiler ist.» Der Verein Swiss FS-CSC plant auch im kommenden Jahr verschiedene strategische und operative Übungen auf nationaler Ebene in enger Zusammenarbeit mit Finanzinstituten und Behörden.
About Swiss FS-CSC
Cyber threats have increased sharply in the financial sector. Close cooperation between financial institutions and the authorities is crucial to identify and combat these threats. The Swiss FS-CSC was set up to improve the financial sector’s cyber resilience and foster a partnership between financial institutions and the authorities (public-private partnership) in strategic and operational matters. Founded in Zurich on 5 April 2022, the association has 160 members, including banks, insurance companies, investment firms, financial market infrastructures and industry associations. Members include the Swiss Bankers Association (SBA), SIX, the Swiss National Bank (SNB), the Swiss Insurance Association (SIA), the Association of Swiss Cantonal Banks (VSKB), the Association of Swiss Private Banks (ASPB), the Association of Swiss Asset and Wealth Management Banks (VAV/ABG), the Association of Swiss Regional Banks (VSRB), the Association of Foreign Banks in Switzerland (AFBS) and the Liechtenstein Bankers Association. The Swiss Financial Market Supervisory Authority (FINMA), the National Cyber Security Centre (NCSC) and the State Secretariat for International Finance (SIF) support it as affiliates and are represented on its important committees.