Covid-19’s impact on cybersecurity
The Covid-19 pandemic has left many governments scrambling to reduce their exposure by minimising global trade and imposing physical distancing restrictions on the population. Many organisations have had to embrace new business practices in accordance with government regulations to continue operations, going as far as to implement remote working where possible. With the world focused on the economic and health threats posed by the virus, cyber threats are on the rise.
Organisations faced the movement of employees to a remote workspace that posed new challenges for IT infrastructure and ensuring that remote access to systems is sufficiently resilient to cyber threats. The priority for the organisations maintaining remote staff is to secure their workspace and move users towards applications and solutions that have been approved by the organisation’s IT policy.
A crucial part of ensuring the continued safety of essential operations is a resilient security management protocol to evaluate the functions identified as critical and monitor the activities that potentially create information security threats. The deployment of an information security management system that is in accordance with standards such as ISO 27001 ensures security from data breaches and places value on customer and client privacy.
MSXCYBER – An Information Security Management System (ISMS) is a set of policies and procedures implemented by organisations to manage information risks such as cyber attacks or data theft. ISO 27001 is the auditable international standard that requires a company to establish, implement and maintain best-practice information processes via its ISMS.
Cybercrime magazine reports that cybercrime damages could have a global cost of $6 trillion annually by 2021. Protecting your company’s data, from employee and customer data to company financial records, has never been more critical. Many employees are being lured into potential cyber threats through their fear or desire for more information on the pandemic. Cybercriminals use links and phishing emails to infiltrate users’ credentials and gain access to company information.
The implementation of an effective information security policy and management system serves to ensure that the company maintains best practice information processes. Such an approach provides data security controls that are in accordance with the latest business, legal and regulatory standards ensuring adherence to cybersecurity laws. The global pandemic has changed the risk landscape for workplace cybersecurity. Cybersecurity insurance companies are taking a closer look at clients’ security arrangements and policies, and for some, this could result in increased rates. In this changing workplace landscape with an increased number of remote workstations, businesses need to have adequate cybersecurity policies in place.