In Switzerland, country where high-technology is widely spread, we are increasingly dependent on collaboration and communication tools gathered under the acronym ICT (Information and Communication Technologies). This dependence makes organizations always more vulnerable to cyber attacks that can cause financial, operational or reputational damage. Thanks to a governance and legal compliance program covering cyber security and data protection issues, mitigating the risks associated with the digitization and use of new technologies. By combining their skills, two market experts, BRANDIT Legal in Digital and Redcactus by Positive Thinking Company aim at ensuring companies’ integrity.
A current and growing threat
The threat of financial, operational or reputational damage is very real. According to a PwC study entitled “Global Economic Crime and Fraud Survey 2018”,
44 % of the Swiss companies surveyed have already been victims of cybercrime.
This figure is underestimating the reality, certain sectors, fraud is not always reported in Switzerland. Elsewhere in Europe, the same trends can be noticed. In addition to this:
76 % of the companies surveyed consider cybersecurity threats to be one of the ten most important risks threatening their business (Kessler Cyber Risk Report 2019).
These threats have an impact on the trust that customers and partners place in companies. They will be more reluctant to enter into business relationships or share sensitive information if the security level of the organisation is not satisfactory. It is therefore the companies’ responsibility to take measures adapted to both their market and their customers by engaging with competent organizations able to help them comply with legal and security requirements and to reach an appropriate maturity level.
Data leakage from within can also have a direct financial impact, especially if the project is copied by competitors and staff numbers have to be reduced.
The value of data
Information and communication technologies are closely linked to data. In today’s increasingly connected world, the value of data continues to grow. Technology makes it possible to generate huge amounts of data (big data) and to connect them together, in particular through connected applications, artificial intelligence, or the Internet of Things (IoT). It has therefore become essential to protect this growing and indispensable asset for companies.
Protection, a key issue
Protection is based on legal bases or international standards. In recent years, legislators both in Switzerland and in Europe have, for instance, strengthened the scope of personal data protection. The applicable laws aim to prevent the uncontrolled collection and misuse of data and to limit the creation of data monopolies by private companies. In addition, they provide means for recourse to state surveillance measures. Companies have a clear duty to control the data they possess and that individuals have agreed to share with them. It is therefore necessary that they establish, on the one hand, a governance program associated with the right tools to protect the personal data of individuals and, on the other hand, solutions to hedge risks and threats to their activities. Our approach to cover the above-mentioned issues is divided into three areas:
- Reinforcing companies’ level of IT Security,
- Raise awareness among their employees and partners of good practices regarding cybersecurity-related risks,
- Maintaining efforts related to legal data protection.
The ultimate partnership
Implementing this approach requires skills from different backgrounds: an expertise in governance and legal compliance as well as in cybersecurity is necessary to ensure the long-term effective protection of organizations. That’s why BRANDIT Legal in Digital and Redcactus by Positive Thinking Company have joined forces in a unique partnership to provide end-to-end protection for organizations against the threats of cybercrime and ensure the protection of their data. This collaboration of experts serving its clients is designed to ensure the long-term sustainability and compliance of business operations.