The coronavirus pandemic has created new challenges for businesses as they adapt to an operating model in which working from home has become the ‘new normal’. Companies are accelerating their digital transformation, and cybersecurity is now a major concern. The reputational, operational, legal and compliance implications could be considerable if cybersecurity risks are neglected.
The increase in remote working calls for a greater focus on cybersecurity, because of the greater exposure to cyber risk. This is apparent, for example, from the fact that 47 percent of individuals fall for a phishing scam while working at home. Cyber-attackers see the pandemic as an opportunity to step up their criminal activities by exploiting the vulnerability of employees working from home and capitalizing on people’s strong interest in coronavirus-related news (e.g. malicious fake coronavirus related websites). Another important consideration is that the average cost of a data breach resulting from remote working can be as much as $137,000.
One of the reasons for the spike in cyberattacks may be due to the fact that some small and medium-sized businesses take a ‘Bring Your Own Device’ (BYOD) approach (in contrast to a ‘Corporate Owned Personally Enabled’ (COPE) approach), which means that employees can use their personal devices (phones, tablets, or laptops) to access corporate information. Working from home does not guarantee the same level of cybersecurity as an office environment. When using a personal computer or laptop to access corporate files and data (even with the security of an MDM solution) users are more exposed to cyberattacks. For example, employees may not run an antivirus or anti-malware scan regularly, if at all. A home working environment does not have sophisticated enterprise prevention and detection measures. Additionally, home Wi-Fi networks are much easier to attack.
There are ways to reduce the likelihood and impact of a cyberattack, but it requires focused action and planning. Companies need to make their remote working practices resilient to cyberattacks and enhance their development and application of security measures. We present to you, “Top 10 Fraud and Breach Protection Solution Providers - 2021.”
