Driving growth with confidence
Clarity on Cyber
The highest level of cyber resilience is key in a digital economy. Without resilience, there is little confidence. And without confidence, there can be no trust. Cyber security should be at the heart of any sustainable growth strategy.
Cyber security in Swiss companies: a world of contradictions
Our survey suggests that most Swiss companies are aware of cyber threats but are not taking enough action to manage the risks. Find out more about this contradiction in different areas:
80% say their boards see cyber security as an operational risk.
But only 23% carry out cyber security due diligence when investing in a company or entering into a merger.
56% believe the main issue in managing third party risks is insufficient transparency over the effectiveness of a supplier’s control framework.
Yet, only 18% of cyber response plans cover attacks against suppliers or business partners.
87% confirm that GDPR applies to their organization.
However, only 64% of cyber response plans cover breaches of personal data.
69% see Digital IDs as an important step towards trusted interactions with clients.
But only 35% have plans to support Digital IDs in their products or services.
Percentages and statements relate to responses to KPMG’s Cyber Security Survey 2018
Why proactively addressing cyber security is vital to business growth
Robust cyber security is a prerequisite for Swiss businesses to succeed in our data-driven, technology-enabled economy. But there remains a huge amount of work to be done. In part due to the constant evolution of cyber security, which sees new technologies, opportunities and challenges come to the fore. And in part due to the need for businesses across Switzerland to take much more concerted action to achieve cyber resilience.
Four critical success factors
1. Dealing with the upsides and exposures of new technology
Blockchain technologies enable completely new business models that could help drive business growth for many years to come. The Crypto Valley Association gives its view on how to seize the opportunity while raising awareness of blockchain among the vast range of stakeholders.Read the full interview in the publication
2. Incorporating cyber security into due diligence process
With the role of cyber security in Environmental, Social and Governance approaches, its importance to public and private markets is growing. Partners Group discusses their practical experience of using cyber due diligence to assess the cyber and privacy risks of companies in which they consider investing.Read the full interview in the publication
3. Using digital IDs to generate trust with customers
SwissID is a key step forward in establishing electronic identities as Switzerland’s economy continues to digitalize. SwissSign share their insights into how digital IDs can be simple, safe and convenient in an age of blockchain and cyber risk. Read the full interview in the publication.Read the full interview in the publication
4. Mitigating risks along the entire value chain
Ever-closer relationships. Outsourced business processes. Increasingly open APIs. Efforts to maintain your organization’s cyber security no longer stop at your front door. But as firms get better at collaborating for efficiency and growth, the same should be true when building resilience.Read more in the publication.