Switzerland must do more to deal with the growing threat of cyber attacks, the Swiss financial watchdog FINMA has warned.
This content was published on
2 minutes
ATS-SDA/sb
“The risks connected with these attacks are growing with the pace of global digitalization. Cyber attacks are now the most serious operational hazard facing the financial system, and both the private sector and public authorities should take them extremely seriously,” FINMA External linkChief Executive Mark Branson told its annual news conference on Tuesday.
He said Swiss banks were facing various cyber threats such as “Retefe” malware attacks on e-banking systems, with around 100 attacks a day.
The FINMA CEO warned that Switzerland was lagging on safety behind other financial centres like the United States and Britain, which have central cybersecurity centres.
“We also need a common platform. It would bring together specialists from different branches and strengthen collaboration between experts from the financial sector and the authorities,” he noted.
Branson said cybercrime was becoming difficult to combat as banks move to outsource their activities, especially their back-office activities, which opens new fronts for hackers.
The risks for the financial system are not limited to cybercrime, however. Branson explained that new business models, particularly those relating to cryptocurrencies, entail both opportunities and risks for financial institutions and their clients.
He said FINMA had received generally positive feedback to guidelines it published last month on how to regulate digital currency issues, known as initial coin offerings (ICOs). He added that FINMA would use the guidelines retroactively to review the deals that had already been launched.
“We will judge the ICOs that were already done in Switzerland along this template or this grid,” Branson said. “That makes our work easier when looking at these ICOs to see if they would have been subject (to the guidelines).”
Swiss centre records over 200 victims of human trafficking
This content was published on
Last year 317 people took part in a protection programme run by the Specialist Unit for Trafficking in Women and Women’s Migration (FIZ) in German-speaking Switzerland.
This content was published on
The Geneva-based International Committee of the Red Cross (ICRC) and partners are opening a field hospital in southern Gaza on Tuesday.
Lack of smartphone sustainability in Switzerland hits environment
This content was published on
Almost half of all Swiss citizens hang on to their old smartphones, tablets and laptops, according to the Federal Statistical Office.
Police clear out pro-Palestinian students protesting in Geneva
This content was published on
The police intervened early on Tuesday to dislodge pro-Palestinian students who had been occupying the University of Geneva for almost a week.
New gel developed in Zurich renders alcohol harmless
This content was published on
A newly developed gel composed of whey proteins breaks down alcohol in the body and could reduce its harmful and intoxicating effects in humans.
Pro-Palestine protests extend to Basel and Fribourg universities
This content was published on
Demonstrators called for an academic boycott of all Israeli institutions and disassociation with Chaim Weizmann, the first Israeli president.
This content was published on
In many cases, China's use of AI undermines the national security of the US and its allies, according to a US government representative.
Swiss Hells Angels trial alleges rape and money laundering
This content was published on
An allegedly high-ranking member of the Hells Angels is accused of money laundering totalling millions and rape, among other serious crimes.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Online fraudsters use well-known company names to spread malware
This content was published on
Cybercrimes are increasingly perpetrated under the disguise of well-known companies or even state agencies, according to the latest MELANI report.
More cyberwarriors needed, says Swiss defence minister
This content was published on
Switzerland remains under-resourced in fighting the almost ‘daily’ cyber attacks targeting the country, said Defence Minister Guy Parmelin.
Swiss agency reports major breach of online credentials
This content was published on
Around 21,000 passwords and personal details used to access online services have been stolen and could be used illegally.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.