This Is What It's About
The financial sector is a main target of criminal hackers. The list of offenses is long; it ranges from data piracy to the use of malware and online fraud – and the scenarios are becoming ever more sophisticated and complex.
The Swiss Financial Market Supervisory Authority (FINMA) in recent years has therefore defined regulations for more security in the Internet (cybersecurity). These regulations are principles-based, which means that financial institutions can take into account their size, their business model and their risk profile when they implement FINMA's requirements. Depending on the effort involved, this can lead to significant costs, which increase further as the threat level rises.
Additional audits by FINMA in 2017 uncovered shortcomings, particularly in terms of identifying potential threats, recognizing cyberattacks and implementing protection measures. SIX aims to help its customers and shareholders achieve more cybersecurity in the future. As a key technology partner, it can do this over the long run more efficiently and cost effectively than any bank on its own.
SIX can defend intelligently against cyberattacks
At the start of 2018, SIX will open Switzerland's first Security Operations Center (SOC), which is based on cognitive computing, i.e. self-learning technology, from IBM Watson. SIX aims to use this threat intelligence service for more than just protecting its own systems; it intends to offer it to banks, too.
Thanks to a long-standing partnership with ETH Zurich, information security at SIX also benefits from the latest findings from research: a working group at the Zurich Information Security and Privacy Center (ZISC), for example, is currently doing research on a more secure and reliable Internet architecture, which prevents hacker attacks and eavesdropping.