COVID-19 has been a challenge in terms of investment in computer equipment and technologies to protect information assets and maintain the operations of many companies, mainly medium and small. The crisis has changed consumers’ consumption habits, the way we work and where we work. Companies will have to adapt to new needs by modifying their growth strategy.
These new adaptions have increased the likelihood of cyber risk, which has caused criminals or cyber threat actors to be working overtime to take advantage of the pandemic.
In recent decades, businesses and citizens have become critically dependent on the Internet of Things (IoT) and communication technologies (IT.) There is a belief that essential citizen services, such as energy and telecommunications, will always work and that goods, services, data, and capital will cross borders seamlessly.
Digital dependence grows every day, but the understanding of the risks associated with that dependence remains low. Still, Cyber Risk is increasing because not only is it available and affordable, but the market for malicious software and devices, illicit services, and sensitive non-public data is in use.
Nowadays, we count on a Cyber Risk Management system, a method to determine, analyse, assess and classify risk by implementing tools to forecast and control likely risks.
Four steps to achieve it:
· Analysis: It determines the components of a system that require protection, vulnerabilities that weaken it and the threats that put it at risk, revealing its degree of risk.
· Classification: Determines whether the risks found and the persisting risks are acceptable.
· Reduction: Defines and implements protection measures. In addition, it makes aware and trains users according to the standards.
· Control: Analyses the operation, effectiveness, and compliance measures to determine and adjust the deficient criteria and sanctions to the non-compliance.
The Internet represents a real economic revolution, and while its use increases, the dependence on the information grows. That is something every business understands, including criminals. Cyber criminality, classified as an industry by many people, even companies, became a constant activity due to its high profitability.
Consequently, most Internet users are exposed to possible attempts to make their electronic information subject to cyberattacks against them or the company. The practice of phishing and ransomware infiltrates the systems and networks of organisations through the staff’s computers and devices mainly.
Recent surveys state that Cyber Security is an urgent priority for plenty of manufacturers, although only some have experienced a cyber-attack. Since these kinds of risks are unlikely to disappear anytime soon, nearly half of the companies surveyed, more than 40%, are investing in acquiring application security systems, firewalls, and anti-virus precautions.
Recently, governments addressed these concerns to help grow programs, allowing numerous businesses to improve their staff’s skills and invest in software and other tools to future-proof them for an increasingly digital economy.
Summing up: The new remote work model has been a significant challenge for companies, representing a considerable risk increase and vulnerability of being victims of cyber-attacks and fraud. However, it is not enough to have the technological tools unless you train your talent to respond to the new environment.
COVID-19 has been a challenge in investing in computer equipment and technologies to protect information assets and maintain the operations of many companies going, mainly medium and small.
Is Cyber Security a significant concern for your company?
Prophetic Technology
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