Swiss banks face heightened risks from sanctions and cyber threats

The Swiss financial sector is currently facing uncertainty due to geopolitical tensions and their impact on banking operations.

Increased Risks

The Swiss Financial Market Supervisory Authority (Finma) has highlighted increased risks associated with sanctions and cyberattacks, which are reshaping the operational environment for banks.

Non-financial risks, including outsourcing risks and sanction risks, have become critical concerns for financial institutions.

Cyber Threats

Cyber threats are also on the rise, with over half of reported cyberattacks indirectly affecting financial institutions through compromised third-party service providers.

To address these challenges, Finma is conducting more on-site inspections and investigations of critical service providers.

Other Financial Risks

Other financial risks, such as real estate and mortgages, credit risk, liquidity and refinancing risk, market access, and money laundering, remain prevalent.

Interest rate risks have been downgraded in significance, but the potential impact of geopolitical risks on credit spreads should not be overlooked.

Role of Finma

Finma plays a crucial role in risk assessment, providing financial institutions with insights to navigate the complex environment.

Financial institutions must remain agile and responsive to compliance with sanctions and fortify their cybersecurity defenses to maintain resilience in the face of uncertainty.

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