cybersecurity risk

Cybersecurity Risk in Times of the COVID-19 Pandemic

In times of the COVID-19 pandemic, cybersecurity risk and other concerns are storming the threat landscape. How are things going on since the start of the crisis now?

Read on to learn more.

Impact of COVID-19 on Cybersecurity Risk

Inarguably, things were not good for all of us because of the COVID-19 pandemic. Aside from the fear and health concerns it brought to the public, it also created challenges for businesses.

We’ve also seen drastic changes now. For one thing, most companies adapted remote working setups. But, it became a key factor in cybersecurity concerns. 

With that, companies need to act fast. Otherwise, they are at risk for operational, reputational, and legal damages. Really, how has the pandemic affected cybersecurity?

The moment WHO declared coronavirus as a global pandemic, governments around the world applied health protocols. As all of us likely know, the “stay-at-home” protocol is one of those.

That’s why technology became an essential part of our lives. In-person meetings went online. The offices became empty. And now, employees collaborate using digital tools.

It was given that companies would need good cybersecurity to fill in this change. But, many companies still don’t have a cyber-safe remote working environment.

As a result, cyberattacks took us aback. In April 2020, for instance, 350 attacks were reported in Switzerland alone. We can’t imagine how disastrous it was for global attacks.

Cybersecurity risk cases are on the rise

The major driver for this is the COVID-19 crisis. For all we know, cybercriminals are working hard in taking advantage of our situation now.

For instance, they exploit our need for news updates about the virus. So, fraudsters use COVID-19-related phishing scams. 

And it even affected remote workers. Reports even show that 47% of individuals fall for phishing scams while working at home.

Not only employees are at risk for these attacks. Even the public is interested to know about news regarding the vaccine. And cybercriminals use that to create malicious fake coronavirus-related websites.

Aside from that, data breaches are on the rise now. Recently, studies show that the average cost for data breaches can reach up to $137,000.

Imagine how costly it is for companies that are barely operating because of the pandemic now. Not to mention how it can ruin their reputation and the fines they have to pay.

The staff remote connection challenge

Now, even the financial sector is at risk. However, it’s not only customers that banks should protect. Even in their staff, there is an increased cybersecurity concern.

For example, video conferencing facilities are under attack. There are also instances where uninvited parties eavesdrop and even hijack conversations.

Of course, banks have established connectivity. They also have IT systems in place to enable remote workers. But, remote access initially created a challenge for them.

Most employees lacked hardware or software to access the bank’s Virtual Private Network (VPN). So, IT teams had to loosen some controls. But, that resulted in more security gaps.

Looking forward, we see that remote working is here to stay. Companies are also likely to look for more secure video conferencing services.

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