AIRLINK 69.20 Decreased By ▼ -3.86 (-5.28%)
BOP 4.90 Decreased By ▼ -0.19 (-3.73%)
CNERGY 4.26 Decreased By ▼ -0.11 (-2.52%)
DFML 31.25 Decreased By ▼ -1.20 (-3.7%)
DGKC 77.25 Increased By ▲ 1.76 (2.33%)
FCCL 20.00 Increased By ▲ 0.48 (2.46%)
FFBL 35.00 Decreased By ▼ -1.15 (-3.18%)
FFL 9.12 Decreased By ▼ -0.10 (-1.08%)
GGL 9.80 Decreased By ▼ -0.05 (-0.51%)
HBL 112.76 Decreased By ▼ -3.94 (-3.38%)
HUBC 133.04 Increased By ▲ 0.35 (0.26%)
HUMNL 6.95 Decreased By ▼ -0.15 (-2.11%)
KEL 4.23 Decreased By ▼ -0.18 (-4.08%)
KOSM 4.25 Decreased By ▼ -0.15 (-3.41%)
MLCF 36.60 Increased By ▲ 0.40 (1.1%)
OGDC 132.87 Decreased By ▼ -0.63 (-0.47%)
PAEL 22.64 Increased By ▲ 0.04 (0.18%)
PIAA 24.20 Decreased By ▼ -1.81 (-6.96%)
PIBTL 6.46 Decreased By ▼ -0.09 (-1.37%)
PPL 116.30 Increased By ▲ 0.99 (0.86%)
PRL 25.90 Decreased By ▼ -0.73 (-2.74%)
PTC 13.08 Decreased By ▼ -1.02 (-7.23%)
SEARL 52.00 Decreased By ▼ -1.45 (-2.71%)
SNGP 67.60 Increased By ▲ 0.35 (0.52%)
SSGC 10.54 Decreased By ▼ -0.16 (-1.5%)
TELE 8.28 Decreased By ▼ -0.14 (-1.66%)
TPLP 10.80 Increased By ▲ 0.05 (0.47%)
TRG 59.29 Decreased By ▼ -4.58 (-7.17%)
UNITY 25.13 Increased By ▲ 0.01 (0.04%)
WTL 1.27 No Change ▼ 0.00 (0%)
BR100 7,409 Decreased By -52.4 (-0.7%)
BR30 24,036 Decreased By -134.9 (-0.56%)
KSE100 70,667 Decreased By -435.6 (-0.61%)
KSE30 23,224 Decreased By -170.8 (-0.73%)

imageGENEVA: Switzerland, facing an erosion of the banking secrecy laws that helped make it the world's banker, is now touting its reputation as a safe and stable haven to become a global data vault.

More and more companies are flocking to the wealthy Alpine country to stock data in an era of increasing espionage and hacking, and the Swiss are reaping the benefits of the paranoia.

"Data storage is the new Eldorado for Switzerland. It's a real boom," said Franz Grueter, the managing director of Green.ch, a leading data storage firm that has posted 30 percent annual growth since it was set up in 1995.

Thanks to Switzerland's long-held banking secrecy tradition, the country enjoys a global reputation for security and privacy.

But amid international pressure, the country is being forced to shed the protective shield that has made its banks so attractive, and has agreed within the next two years to automatically exchange account details with other countries.

While Swiss banks are suffering, the country's data storage companies are booming.

In the wake of revelations from former US intelligence contractor Edward Snowden of widespread snooping by the National Security Agency, they are touting Switzerland's cherished reputation to draw clients from around the globe.

"Clients need confidence, discretion, reliability and stability. These have been the country's hallmarks forever," said Grueter, who says more than one billion francs (one billion euros, $1.1 billion) have been invested in data centres in the country over the past five years.

With its 61 data centres, tiny Switzerland is currently Europe's fifth largest data hub, according to the Data Center Map website.

Jean-Philippe Walter, the federal official in charge of data protection and transparency, said it was in Switzerland's interest to offer clients a higher degree of protection than in other European countries.

Copyright AFP (Agence France-Presse), 2015

Comments

Comments are closed.