A recent study has illuminated a notable gap in cyber attack incidents between large and small Swiss companies. Conducted jointly by Deloitte, SwissVR Monitor, and the Lucerne University of Applied Sciences, the report suggests that 45% of Swiss companies with 250 or more employees have suffered at least one cyber attack. In stark contrast, only 18% of companies with fewer than 50 employees reported a similar experience.
Factors Contributing to Attack Frequency
The study found a clear correlation between a company’s size and the frequency of cyber attacks. Large companies are generally more exposed to risks due to their greater global presence, offering a more expansive target area for potential cybercriminals. Conversely, smaller companies often refrain from reporting cyber incidents to their board of directors, possibly due to lack of resources or awareness.
Florian Schutz, responsible for Switzerland’s national cyber protection strategy, reiterated that no company is immune to cyber risks, regardless of its size or sector. He also pointed out the challenges smaller companies face in terms of resource limitations, stating that many of them have underdeveloped or even non-existent cybersecurity infrastructures.
Readiness and Consequences
The findings of the study suggest that businesses in Switzerland are generally unprepared for the threat of cyber attacks. Only 57% of surveyed board members confirmed that their companies had a clear cybersecurity strategy. About 42% of companies that had been affected reported experiencing some form of business interruption. Furthermore, 11% disclosed that their customers had also been targeted in subsequent cyber attacks.
The Financial Toll
The report brings to light the significant financial repercussions that follow cyber incidents. Alongside lost revenue due to business interruptions, companies often face high recovery costs, particularly related to data restoration. Although only 7% of the affected companies reported an outflow of assets, the financial consequences can still be substantial.