In 2019, the SNB and SIX jointly launched a project to develop a secure network for the Swiss financial centre (Secure Swiss Finance Network,
SSFN). The aim of this project is to increase the security and resilience of network connections to the SIC system and to other FMIs. In collaboration with telecommunications providers and their participants, the project seeks to set up a new, secure network on the basis of SCION (Scalability, Control and Isolation on Next-Generation Networks), the routing architecture developed at ETH Zürich. The new SCION network not only allows for the exchange of messages between FMIs and participants but also enables data to be exchanged securely between participants using the same architecture. This project was in its pilot phase in 2020. Third-party expert opinions confirmed the suitability and security of the SSFN on a technical level. If the pilot phase can be successfully concluded and further set-up completed, the SSFN is to gradually replace the existing communication link with the SIC system from 2021.
- Swiss National Bank, 113th Annual Report 2020
The financial sector has faced many challenges in terms of distribution, flexibility and security when using the Internet for daily business activities. It is vulnerable to cyberattacks, including distributed denial-of-service (DDoS) or traffic-hijacking attacks. This has led the Swiss financial sector to use dedicated communication services such as Finance IPNet for critical services, such as the Swiss payment system. The establishment of a highly secure, flexible and functional communication system could create an alternative to Finance IPNet. This alternative would provide better control over the exchange of sensitive financial information among market participants while reducing implementation complexity and effort.
- SIX Cyber Security Report 2020
Our SSFN target go-live is in the second half of 2021 and we are here to answer your questions and help you prepare.
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113th Annual Report Swiss National Bank 2020
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SIX Cyber Security Report 2020
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