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Swiss Companies Outperform Global Counterparts in Cybersecurity, But Challenges Remain

Study Highlights Switzerland’s Strong Cybersecurity Measures

A recent study by EY has found that Swiss companies are generally more satisfied with their cybersecurity measures than their global counterparts. According to the survey, 71% of Chief Information Security Officers (CISOs) and Chief Information Officers (CIOs) in Switzerland are happy with how their companies handle cybersecurity issues, compared to just 42% globally.

Fewer Cyber Incidents and Faster Response Times

The study also revealed that Swiss companies experience fewer cyber incidents than those worldwide. On average, Swiss companies reported 14 cyber incidents in 2022, while global companies reported 44. Moreover, Swiss companies were found to have a faster response time to cyber attacks, taking less than five months to respond adequately compared to over six months globally.

Optimism about Future Cyber Threats

Swiss companies also appear more optimistic about their ability to prepare for future cyber threats. According to the survey, 57% of CISOs and CIOs in Switzerland believe their company is well-prepared for future cyber threats, compared to 46% globally.

Challenges Remain

Despite these positive findings, Swiss companies still face significant challenges. Over 70% of respondents identified artificial intelligence, machine learning, and cloud computing as the biggest cyber threats over the next five years. Resources and skills gaps were also cited as major challenges in dealing with cyber threats.

Defensive Measures Need to Adapt Faster

The study found that half of Swiss CISOs and CIOs believe their defensive measures are not adapting quickly enough to new threats, and 75% said they need a more agile approach to combat cyber threats. Additionally, only 43% of respondents described themselves as early adopters of new technologies, compared to 65% globally.

A More Cautious Approach

Despite these challenges, Swiss companies appear to be taking a more cautious approach to adopting new technologies. They rely on proven technologies and solutions rather than embracing the latest innovations.

Methodology

EY’s Cybersecurity Leadership Insights Study surveyed CISOs and CIOs from 28 selected Swiss companies, with over half belonging to the banking and insurance sector. The global study included CISOs and other executives from 500 large companies in 25 countries with a turnover of over $1 billion.

Conclusion

The findings highlight the importance of cybersecurity in Switzerland’s financial sector, where companies are particularly vulnerable to cyber threats. As the study suggests, Swiss companies need to prioritize resources, skills gaps, and agility to stay ahead of emerging threats.