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FMA Annual Report 2021
TABLE OF CONTENT
CYBERSECURITY – A CHALLENGE FOR THE MARKET AND THE FMA
Nearly 90 % of all companies in the EU were affected by at least one cyberattack in 2021. Fortunately, most companies have escaped relatively unscathed from these attacks. Other cases, however, such as those involving Stuxnet and WannaCry, may have a severe impact. The FMA accordingly attaches great importance to cybersecurity.
Cyber risks pose challenges for both financial market
a guideline on dealing with risks related to information
use of information and communication technologies,
has also revised its on security arrangements.
participants and the FMA. Security incidents in the
such as data leaks and system failures, can cause
and communication technologies (ICT risks). The FMA
major damage. Attacks with criminal intent are also
With its ICT Guideline, the FMA is strengthening the
worldwide by cybercrime is estimated to be about
ments in line with international standards that inter-
becoming more widespread. The damage caused
CHF 3 million – per minute.
security of the financial sector, defining the requiremediaries must meet when dealing with ICT risks.
ICT security incidents such as data leaks or system
Financial service providers are among the most pop-
failures can result not only from external events such
themselves are in danger. The attacks endanger the
equate infrastructure. Increasing interconnectedness
ular targets of cyberattacks. Not only the companies
protection of clients and ultimately also the stability
as cyberattacks, but also from internal deficits or inadincreases the potential vulnerability of the ICT infra-
of the entire Liechtenstein financial market. At the
structures of financial service providers.
cyberattacks. The FMA therefore attaches great
Clear specifications are intended to minimise the risk
tion of clients and financial stability, the FMA has issued
how they can counter ICT risks. The ICT Guideline also
same time, the FMA is also exposed to the risk of
importance to cybersecurity. To ensure the protec-
of ICT security incidents and show market participants
