Operations

FINMA as an authority Digitalisation Cyber risks

As an organisation, FINMA takes a holistic approach to cyber security, whereby employees are made aware of these risks and play a key role. Further progress was made in sustainability and operational environmental management.

FINMA is an efficient and forward-looking authority. It works effectively and meets ambitious targets in cyber security and sustainability. 2025 saw both challenges and important advances in the area of cyber security. With increasing digitalisation, cyber risks have continued to grow.

Cyber security: protection, innovation and resilience in the digital age

More than ever in 2025, cyber security was a key issue in the use of digital applications. FINMA observed an increase in “spear-phishing attacks” (a form of phishing that targets individuals), which it took active steps to counteract. Meanwhile, the tighter security measures due to the geopolitical situation helped successfully fend off DDoS (distributed denial of service) attacks.

Besides recent developments, the growing interconnectedness of devices, systems and people opens up opportunities but also entails ever more complex risks. Cyber attacks are becoming increasingly sophisticated and targeted, and the protection of sensitive data and infrastructures is a top priority. Attackers are also taking advantage of new technologies and refining their methods.

FINMA pursues a holistic cyber strategy that is based on recognised standards. The cyber strategy is regularly adapted to reflect the current threat situation and tested for effectiveness. In this way, FINMA successfully protected its infrastructures and guaranteed the integrity, confidentiality and availability of systems and data.

An important safeguard that has been stepped up is the ongoing mitigation of risks associated with software or system vulnerabilities.

FINMA also focused strongly on raising staff awareness, as humans play a crucial role in cyber attacks. It carried out regular awareness activities, as well as voluntary and compulsory trainings in the area of cyber security. To this end, it used modern tools and realistic simulations, as well as information sessions with internal and external experts. FINMA worked closely with the National Cyber Security Centre, the supervised institutions, specialised cyber security partners, and other relevant institutions.

New solar power system on the Bern office building

In 2024, the roofs of FINMA’s head office building in Bern were completely renovated by the building owner. In order to harness synergies, a solar power system was also installed to generate electricity. The installation of the solar power system helped make the building more sustainable and energy-efficient.

Around 230 photovoltaic modules were installed on the roof of the building (green roof with high elevation). The east-west orientation of the roof is ideal for a solar power system. The amount of electricity purchased from the grid was reduced by around 100,000 kWh. FINMA used 94% of the total solar power generated itself, and the rest was fed back into the grid. This allowed FINMA to reduce its energy costs significantly. The successful use of this solar power system shows how existing buildings can be efficiently modernised through innovative measures and how FINMA can thereby contribute to environmental sustainability.

Positive evolution of key environmental indicators

In the year under review, FINMA reduced its greenhouse gas emissions per FTE, measured in tonnes of CO2 equivalent, reversing a slight upward trend in previous years. This reduction was driven both by responsible resource management and by economies of scale resulting from an increase in headcount.

Various key environmental indicators saw a positive development. In the area of clean energy and buildings, FINMA further improved its energy efficiency. Thanks to the solar power system, the amount of electricity purchased from the grid was reduced in Bern. The overall rise in electricity consumption is due to the higher number of employees. Heating consumption remained volatile, as it depends on the number of heating days. There was a slight rise in heat consumption in Bern last year, compared with a decrease in Zurich, as a result of better handling of thermostats.

In terms of paper consumption (for photocopying) per FTE, the various digitalisation efforts and the reduction of analogue services proved successful. A mere 3.4kg of paper – equivalent to around 700 sheets – were used per FTE over the entire year. Key sustainability indicators were also collected in relation to catering facilities. These figures helped define measures to optimise the offer and to reduce the carbon footprint of on-site catering.

Evolution of FINMA’s total costs

FINMA is an integrated supervisory authority with responsibility for the supervision of around 250 banks, 195 insurance companies, some 450 institutions and 2,000 products in the area of collective investment schemes, 1,600 asset managers and almost 10,000 insurance intermediaries. It is therefore responsible for the supervision of one of the world’s largest financial centres, which in turn accounts for a substantial part of the Swiss economy. FINMA is financed entirely by the institutions it supervises.

FINMA has set itself the goal of strengthening the effectiveness of its supervision and thereby offering even greater protection to creditors, investors, insured persons and the functioning of the financial markets. The importance of this objective is underlined by the Federal Council’s proposals to give FINMA more powers. The Parliamentary Investigation Committee (PInC) on the authorities’ management of the emergency CS merger also called for this in its report. To achieve this, FINMA must continue to evolve – both in terms of its organisation and the adequacy of its resources.

FINMA has already grown in recent years due to additional tasks and new challenges resulting from a changing financial world and increasing risks for the financial centre. These challenges are continuing to grow, and the risks are becoming more acute. The preventive and in-depth supervision implemented in the year under review will address these developments even more effectively in future and ensure the resilience of the financial centre to increasing financial and non-financial risks. This intensification of supervision is also reflected in the costs for the year under review.

The increase in costs observed in the year under review is due to both FINMA’s growth in 2025 and the increase in headcount in recent years. The latter is the main reason for the increase. The total increase in costs amounts to CHF 18 million and pushes up the total expenses to CHF 172 million (2024: CHF 154 million). Together with the statutory reserves, total expenses amounted to CHF 189 million (2024: CHF 169 million). They are covered by income from supervisory fees and levies paid by the supervised institutions. The increase in costs associated with FINMA’s growth has once again resulted in a shortfall, which will have to be offset in the coming year.

On the revenue side, less income was generated from fees in 2025, mainly due to the absence of licence applications from portfolio managers and trustees, as well as lower income from collective investment schemes. Net costs, which are financed by supervisory levies paid by the supervised institutions, therefore increased compared to the previous year. As the supervisory levies for 2025 were calculated on the basis of the 2024 financial statements, there was a shortfall of CHF 39 million for 2025. This means that the 2026 supervisory levy invoices, based on the costs of the previous financial year plus the costs not covered (cover differential), will be higher in some supervisory areas.

FINMA’s total reserves amounted to CHF 174 million before allocation. Article 37 of the FINMA Ordinance on the Levying of Supervisory Fees and Charges states that 10% of FINMA’s total annual costs must be allocated to the statutory reserve until the total reserve has reached or re-reached an amount equivalent to one annual budget. FINMA’s expenses will continue to rise for the reasons mentioned above. An allocation to the total reserves is therefore to be anticipated in 2025.

Even though FINMA is growing, it remains lean in relation to the size and importance of the Swiss financial centre and is increasing its efficiency by strengthening internal collaboration, making greater use of data-driven supervision and continuing to drive forward digitalisation, including the use of artificial intelligence. The authority has also been examining its interactions with the supervised institutions for opportunities to simplify and increase efficiency. At the same time, FINMA will continue to act in a proportionate and risk-based manner in its supervision.