Financial Crime World

Cybercrime on the Rise: Swiss Finance Industry Fights Back

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Introduction

A recent study by EY has revealed that while Switzerland’s finance industry is generally well-prepared for cyber threats, there are still significant challenges to be addressed.

A Mixed Picture of Cybersecurity Readiness

According to the survey, a clear majority (71%) of Chief Information Security Officers (CISOs) and Chief Information Officers (CIOs) in the Swiss finance sector are satisfied with how their companies deal with cybersecurity issues. This is significantly higher than the global average of 42%.

Key Challenges Facing the Industry

While the industry has made significant progress, there are still several areas where it needs to improve:

  • Artificial Intelligence (AI), Machine Learning (ML), and Cloud: Over 70% of Swiss companies see these technologies as major cyber threats over the next five years.
  • Resources and Skills Gap: The biggest challenges in dealing with these threats are resources and a skills gap.

Strategies for Addressing the Challenges

Companies are pursuing various strategies to address the gap, including:

  • Training and Upskilling Existing Cybersecurity Staff
  • Standardizing and Automating Security Processes
  • Prioritizing Retention and Recruitment of Cybersecurity Staff with Diverse Backgrounds

The Need for a More Agile Approach

75% of CISOs and CIOs believe that their organization needs a more agile approach to combating cyber threats and hazards. However, this is not always reflected in practice, as 50% of respondents stated that defensive measures are not adapting quickly enough to the rapidly evolving threats.

Expert Insights

“It’s clear that Swiss companies are more reluctant to introduce new technologies such as artificial intelligence,” said Roman Haltinner, EMEIA Europe West Cybersecurity Competency Leader at EY. “Automated security measures offer additional potential for companies to react more quickly to threats.”

“It’s essential that correct behavior with regard to cyber risks is practiced throughout the company and becomes a central part of the corporate culture,” said Tom Schmidt, EMEIA Financial Services Cybersecurity Competency Leader at EY.

Expenditure on Cybersecurity

The budgets for IT and cybersecurity at Swiss companies remain largely at the same level as in the previous year. However, 39% of companies spend between one and 4.9 million Swiss francs on cybersecurity, while 25% invest between 10 and 49 million Swiss francs.

Conclusion

While the Swiss finance industry is generally well-prepared for cyber threats, there are still significant challenges to be addressed. By improving their cybersecurity practices and investing in new technologies, companies can better protect themselves against these evolving threats.