Technological progress and the latest trends have led to FINMA stepping up its supervision of cyber risks. These risks are monitored directly, for example through focused on-site audits by FINMA, and monitored by audit firms as part of the regulatory audit process.
The high and ever-growing dependency on and interconnectivity of information and communication technologies give rise to pronounced vulnerabilities among Swiss financial institutions. For example, outages of and disruptions to IT systems, particularly those resulting from cyberattacks, can jeopardise the availability of critical services and functions.
Supervision is focusing on technology-driven risks such as the threat of cyber attacks and the risks associated with outsourcing.
Swiss banks must guard their infrastructure against various types of attack. In addition to phishing, malware and disruption to the availability of computers, the debilitating scenarios Swiss financial institutions face are growing ever more sophisticated and complex.