Cybersecurity is a top priority for SIX. A disruption to its infrastructure could cause massive damage to the Swiss economy in just a short period of time. But as a key technology partner of banks, cybersecurity is also a business opportunity for SIX.
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.
SIX invited on 1st March 2018:
SIX on Cyber Security
Cyber attacks on companies are on the rise and are becoming ever more sophisticated. SIX alone logs around one billion security events on a daily basis. However, targeted companies are also taking more actions to protect themselves. The market for digital security is now worth 86 billion dollars. How are cyber threats evolving? What is threat intelligence and how can threat intelligence services help with IT security? Join us for our cyber security event, where well-known national and international experts will provide answers, and SIX will offers additional insights.
Keren Elazari, a former hacker turned cyber security expert, is an internationally celebrated speaker, researcher and author on all matters of cyber security. Her 2014 TED talk, viewed by millions, helped shape the global conversation about the role of hackers and the evolution of cyber security in the information age.
"The Future of Security – a Hacker’s perspective"
Cyber security is about our way of life: From hacking cars, to web cameras and medical devices, to the manipulation of political campaigns. This talk will be an express journey into the hacker’s world, to examine how cyber security impact our way of life. We will shed light on emerging security threats and inspire the audience to take action with practical ideas on how to make a difference in their organizations – and how to work with friendly hackers.
Sandra Schweingruber is a federal prosecutor specializing in cybercrime. The Zurich lawyer, who studied law at the University of Geneva, worked previously in the Cybercrime Competence Center of the Canton of Zurich.
"Cybercrime - unlimited crime"
Organised crime benefits from globalisation, as the removal of the world's borders has a positive impact on the business model of network-like activities and international logistics. Cybercrime knows no boundaries, quite the contrary. The removal of boundaries makes many things possible for the first time. Offenders and victims can attack or be attacked from anywhere in the world. The virtual world's crime can only be tackled through close national and international cooperation. The goal is not fully achieved yet.
Sandra is an entrepreneur. She founded Futurae together with two PHD from the System Security Group of ETH Zurich with the goal of bringing the next generation of user authentication to the finance and insurance industry.
"Cybersecurity in a fast changing world"
In a world of ever-increasing digitalization and data generation, cybersecurity and data protection has to become a consideration of every senior management. Regulatory frameworks like GDPR and PSD2 are further accelerating this process. However, tomorrow’s challenges cannot be solved with today’s thinking. Sandra will talk about how a new generation of cybersecurity companies changes the classic product business in order to be on top of the latest threat exposures. Fast innovation lifecycles and large user adoption are major differentiators of Sandra’s company Futurae. She will elaborate on her motivation to build an authentication company under these increasing challenges and how the industry is evolving.
Christine Maier is a Swiss journalist and moderator. She works as an independent communications consultant.