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Finma: Cyber attacks are the biggest operational hazard facing the financial sector

27 March 2018  |  17746 views  |  0 Zurich, Switzerland

Swiss supervisory watchdog Finma has identified cyber security risks as it chief policy concern for 2018.

Speaking at the watchdog's annual media conference, Finma CEO Mark Branson noted that the risk of cyber-attacks is increasing as technological change advances.

"Cyber-attacks are the most serious operational hazard facing the financial system", warned Branson.

To address the risks, Branson called for more interaction between different disciplines both within the public sector and between the public and financial sectors, concluding that "working together achieves more than going it alone".

Issues around cryptocurrencies and new business models also warranted a mention, with Branson calling for a balanced approach to policy that encouraged innovation but also reigned in the downside risks.

"We want to see healthy competition through innovation, but not at the cost of the integrity of the Swiss financial sector," he said.

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