Swiss companies are not prepared against cybercrime threats

According to a KPMG study, a majority (63%) of the companies surveyed indicated their organization could certainly be an attractive target for cyberattacks, while some three-quarters of the respondents said that they have increased their cyber defence budgets since 2010.

Findings indicate that nearly all (95%) companies believe they are unable to protect themselves against the growing threat of cybercrime on their own. Some 51% of those surveyed do not expect to be able to fully prevent cyberattacks.

Only 53% of the Swiss companies that took part in the survey even expect to identify attacks and also have the ability to respond appropriately. Less than half of them have contingency plans in place. And just 14% of enterprises use simulations and drills to test their contingency plans for effectiveness.

Furthermore, 59% of the companies surveyed are either unconvinced that their contractors and vendors understand how to protect themselves against cyberattacks or do not have any information on the matter. Only 36% of companies set down cyber security requirements in their contracts with third parties and just 14% verify compliance with those requirements.

According to the study, only 44% of people in executive management have a sufficient understanding of the various aspects of cybercrime as those pertain to their own company despite the fact that 54% of those surveyed are of the opinion that their cyber experts communicate effectively with senior management.