Guest Blog: Swiss Companies are increasingly exposed to Cyber Risks
Cyber breaches have dominated headlines in recent years. Corporations and governments have increasingly reported incursions and new vulnerabilities such as the Sony-Hack in December 2014, when confidential data about employees, internal e-mails and unpublished films were hacked and leaked to the internet. Also Switzerland is more and more exposed to such risks. The country is home to numerous big companies in industries ranging from banking and insurance to food and pharma. According to a recent KPMG-study though, Swiss companies are not sufficiently protected against cyber-attacks. Even while 63% of the interviewed cyber-security experts in Swiss firms see themselves as an attractive target of such attacks, companies are still not taking the issue seriously enough. The authors of the study recommend creating a strategy which allows prevention and better reaction to possible attacks.
There are different methods and motives for cyber-attacks which can be divided into three categories:
- Cyber spies which often have a nation state affiliation – to gain competitive advantage for a government or for certain companies
- Cybercriminals seeking financial gain, usually by targeting credit card data and obtaining personal information, often for fraud purposes
- Cyber activists aiming to disrupt or embarrass their targets. They can be motivated by anything from religious or political convictions to revenge and personal amusement
One sector is especially exposed to a lot of risks. “Switzerland has a booming fintech industry. Everyone is talking about adopting digital banking solutions. But the fintech innovation comes with a great risk – the more connected people (clients) get, the more exposed they and the banks become to cyber-attacks. So whichever innovation takes place in fintech must, in my opinion, address cyber-security questions too”, says Shira Kaplan, an Israeli cyber security expert and the CEO of Zurich based Cyverse
The demand for cyber security solutions is growing the Swiss business world. It’s crucial to gradually adopt a more holistic approach and to see cybersecurity as a business issue, not a technology challenge.
Lukas Yoav Dreifuss is partner at Digipave, a Digital Marketing Agency, based in Herzeliya and Beersheva. Digipave provides Online Marketing solutions to global companies that are entering the German speaking markets. You can learn more about him at http://www.digipave.com