HANDLING CYBER ATTACKS – HOW TO PREVENT, ACT ON AND REACT TO CYBER CRIMES
The number of cyber attacks in Switzerland is on the rise and the problem is expected to get worse – both in terms of the volume and complexity of crimes being committed. Cyber attacks target almost all companies, regardless of industry, size or jurisdiction. The high and ever-growing dependency on and interconnectivity of information and communication technologies gives rise to pronounced vulnerabilities among Swiss companies.
For example, outages of and disruptions to IT systems resulting from cyber attacks can jeopardise the availability, confidentiality and integrity of critical services and functions. This can potentially go as far as cyber sabotage of critical infrastructure, or the disclosure of stolen information.
Moreover, attackers are becoming increasingly professional and well-organised. This makes it all the more important – but also more challenging – to prevent and combat attacks effectively. Cyber criminals not only have their sights on financial interests, but also target the availability, confidentiality and integrity of critical technology infrastructure and sensitive information.
Particularly in high-stress situations, such as the current coronavirus (COVID-19) pandemic, there is an increased risk of cyber attacks. Cyber criminals are utilising this time of uncertainty, adapting their attack strategies to the current situation and thereby placing an additional burden on already challenged companies. In its yearly Risk Monitor report, the Swiss Financial Market Supervisory Authority (FINMA) considers cyber attacks one of the main risks for Swiss financial institutions.
Although companies are becoming more and more aware of the high risks associated with cyber attacks, there is often a lack of clear understanding as to what needs to be done to prevent and cope with this new form of threat.
Jan-Mar 2021 Issue
Wenger & Vieli AG