In addition, banks contain intellectual property on their structured banking products that would be of tremendous value in the hands of competitors. They hold a wealth of data on customers, employees, and business partners-none of which is allowed to leave the country, according to Swiss banking regulations. In order to address the gap, without impacting the firm’s continuing growth and its customer relationships, it turned to Forcepoint. The bank could check all the boxes except one: a data loss prevention solution. In 2018, FINMA sent a letter to all Swiss banks with recommendations for technical approaches to safeguarding data. FINMA has authority over banks, insurance companies, stock exchanges, and other financial institutions, and its data privacy requirements are stricter than the European Union’s General Data Protection Regulation (GDPR) mandates. While the bank was growing its customer base, Swiss banking regulations became even more stringent with the introduction of the Swiss Financial Market Supervisory Authority (FINMA) in 2007. This style of customer service has been so successful with clients the bank has grown quickly in just a few years, from startup to global leader. While this caused turmoil in the more traditional banking industry, this startup Swiss bank saw an opportunity to take a different approach with hands-on, proactive customer account managers who can stay on top of rapidly evolving market forces and act decisively when conditions demand. But the industry has faced daunting challenges in the 21st century: low interest rates and less financial market volatility have lowered profits, while the fastest growing client bases are now farther away, in China and emerging markets. Since the early 20th century, private Swiss banks have thrived based on their reputation for stringently protecting the private banking information of the world’s most wealthy.
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