Cyber attacks cause high financial losses for Swiss companies. In nearly half of the victims, the attacks would have had financial consequences or a disruption of business, the consulting firm KPMG writes on Tuesday based on a survey.
One-third of the companies under attack had leaked confidential information, and one in four had caused the cyber-attack a reputational damage. Particularly often affected by financial losses were according to the study banks and insurance companies. In these industries, three quarters of successful cyberattacks would have led to financial losses.
According to KPMG, companies also focus too much on their own organization in the fight against cybercrime. Third-party risks, on the other hand, are neglected. According to the communication, just under half of the respondents (44%) stated that they have no control instruments with their suppliers. In addition, 38 percent of companies renounced contractually binding conditions with respect to cyber risks.
Crypto mining as a new form of cyberattack
Two trends can also be observed in the hacker attacks, as Matthias Bossardt, Head of Cyber Security at KPMG Switzerland, said at a press conference in Zurich on AWP Video. On the one hand, the criminals were much more targeted than in the past. On the other hand, a change away from so-called ransomware towards secret crypto-mining can be observed.
As a miner, today many users earn virtual money by making the computing power of their computer available. With “secret” mining malicious software is placed on the computers of the victims. They then, unknowingly, dig into cryptocurrencies for the attackers.
With this new form of attack, hackers can be made from their victims’ coins without paying for their own power or hardware. In doing so, unlike conventional attacks, they often do not delete programs and do not demand a ransom for releasing the computer. Therefore, this form of cyber attack many users often do not even for a long time on.