I'd love to know how effective lightening arrestors are at protecting kit like switches from nearby strikes (obviously a direct strike is going to kill any active kit).
The cost of actually using fibre for separation (really the only good option) is actually quite expensive. A cold spare (aka backup insurance) is something that is highly likely to work after a strike (assuming you didn't keep the cold spare next to the active kit) and I suspect in many cases not that much difference in price.
I had a recent case in an area that gets semi-regular lightening strikes. They use a lightening poll to draw the strike away from everything else. It worked once and failed the second time. When they pulled it out to find out why it failed they discovered the ground the pole was earth too was in soil with a high silica content (aka sandy). The first strike melted the silica onto the grounding poll forming a glass insulator around it. So it was no good after that.
Now they know they have to replace the grounding poll after every strike. I've suggested they try getting a "counter" so they can tell there has been a strike.
They are considering to use fibre runs to increase insulation - but the problem is they then need to run active power out to power the media converters. So now the lightening will be able to travel back along the power runs. I think this will still result in kit death.
In the end, I think it might be easier to accept that the equipment will be killed, give up protecting it, and working on a sparing or redundancy plan. I do like the idea of lightening polls though - and trying to encourage the strike to happen away from the kit ...