Hacker SciresM recently sat down for an interview with the GBATemp forum to talk about hacking efforts on the Switch. SciresM started off by praising Nintendo's security efforts on the system.
I think that software-wise, Nintendo has done a really great job. Their operating system, Horizon, is a new, updated version of the OS on the 3DS -- with all of the hardening that has come from the 3DS's years of security issues. There have been a few unfortunate mistakes on their part, but by and large HOS is extremely secure. We've still not seen even one traditional exploitable vulnerability in the HOS kernel, which I think speaks well of the investment Nintendo has been making into securing their platform. I think that the Switch's biggest weakness, security-wise, is that it's running on (and has to be designed around) the Tegra X1 hardware.
After sharing those kind words, SciresM then said the Switch is now "completely compromised."
The switch has been completely compromised. All current hardware can be compromised. They can mitigate vulnerabilities in newer units, though, either via a hardware revision or updating the bootrom patches written at the factory.
SciresM ended things by saying that the hackers he's involved with have no interest in piracy, and are instead focused on creating a healthy homebrew community.