21.08.2024 12:43:36
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Helvetia's symposium reveals the global threat and solutions in the fight against cyber crime
Helvetia Holding AG
/ Key word(s): Miscellaneous
The number of cyber attacks worldwide increased significantly within the past year. In the second quarter of 2024 alone, the number of reported incidents increased by around 30% compared to the same period last year. In 2023, the number of cyber attacks in Switzerland increased by 61% compared to the previous year. Almost half of all large Swiss companies were attacked at least once by cyber criminals. Current findings suggest that this trend will intensify throughout the course of the year. In view of this trend, the Federal Council published a report this summer that emphasizes the need to coordinate prevention and repression, while at the same time calling for even greater cooperation between various stakeholders and more intensive preventive work in order to protect the population and businesses. Helvetia Insurance highlighted early on the need for increased cooperation between business, science and government, especially in order to minimize the risks of large, systemic cyber attacks, which require high cover capacity and for which – if they did occur – only a fraction of the expected loss would actually be insured. Market penetration for cyber insurance still negligible Host and Helvetia Switzerland CEO Martin Jara made it clear in his opening speech: "Although progress has recently been made in the fight against cyber crime, there are still obstacles that make it difficult to improve cyber resilience effectively." Martin Jara also believes the insurance companies themselves have a responsibility: "In recent years, the industry has provided balanced insurance offers for companies and private individuals and invested a lot in increasing resilience, yet market penetration is still negligible." However, the largest possible number of insured companies would be an important contribution to minimizing uncovered damage in the event of a major incident. The Swiss Insurance Association (SIA) calculated the risk of a major systemic cyber attack for Switzerland at the end of last year in cooperation with the risk assessor Moody's RMS. Laurent Marescot, Senior Director and catastrophe risk management expert at Moody's, currently assumes that there is a one percent chance of a cyber incident in Switzerland each year that would entail a total economic loss of over CHF 2.5 billion. When calibrating a corresponding risk model, the fact that comparable historic events cannot be used in the case of cyber incidents and that the effect of such events – unlike damage due to natural disasters – cannot be clearly defined geographically turned out to be particularly challenging. Resilience of society must be increased in the long term Marc Holitscher, National Technology Officer and Member of the Board at Microsoft Switzerland, focuses on the possibilities of artificial intelligence in building resilience against cyber criminals: "AI already allows for a coordinated defence across all threat vectors in order to ultimately ensure comprehensive transparency and to combat possible threats." But just as important from Holitscher's point of view is the know-how relating to strategies and procedures of cyber criminals, which today can be built up much more efficiently thanks to generative AI solutions, which in turn allows for a more targeted fight against possible attacks. Responsibility starts with the individual IT user Large-scale global loss potential Public-private partnerships as a potential solution Manuel Suter, Deputy Director of the National Cyber Security Centre (NCSC), Bernhard Maissen, Director General of the Federal Office of Communications (OFCOM), and Vincent Lenders, Director of the Cyber Defence Campus at the Federal Office for Defence Procurement, proved that the dimensions of the cyber threats are taken seriously by the state. All experts agree: the risk of cyber attacks will continue to rise. The reasons for this include an ever-greater availability of hardware and software worldwide, steadily increasing computer capacities and, as a result, ever-increasing networking. At the same time, the extent to which criminals can be prosecuted via international sanctions is still limited. Switzerland can contribute to international cooperation Politicians have to create optimal framework conditions Eric Zeller Phone: +41 58 280 50 33 About the Helvetia Group Cautionary note
End of Media Release |
Language: | English |
Company: | Helvetia Holding AG |
Dufourstrasse 40 | |
9001 St.Gallen | |
Switzerland | |
E-mail: | media.relations@helvetia.ch |
Internet: | www.helvetia.com |
ISIN: | CH0466642201 |
Valor: | 46664220 |
Listed: | SIX Swiss Exchange |
EQS News ID: | 1972513 |
End of News | EQS News Service |
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1972513 21.08.2024 CET/CEST
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