Cyber Security

COVID 19 era: It is time to re-think about Cyber Security 

Cybersecurity is a steady, consistent, proactive movement, not just an ordinary errand or a solitary point in a cycle. Apart from the consideration, it requires comprehensive techniques for individuals, processes, and advances that coordinates high point security downstream.
Understanding the clauses of cybersecurity, in the Previous year, PwC and CIO released global security information which polled in need of IT security to combat the security breach by 38% with the corresponding rise in the budget by 14%.

Survey does charge in broad thinking about how the businesses are trying to defend their security system from the hackers in coordination with their employees. But despite the growth in hacks and security incidents, a cumulative sign got observed where the security threats were not being taken seriously.

Overnight the COVID-19 changed the rule. The news covered the broader impact, particularly storming the economy, healthcare, and education. The business re-structured their operating culture from work from premises to “work from home” moving nearly 75% of its operation to an online platform, refraining the entrepreneurs think about the vulnerabilities of cyber-attack. Which progressively changed the attack surface giving malicious actor new insights on the threat road map.

Remember, cybersecurity is not a battle that is ultimately won but an ongoing game that needs a solid strategy to defend the attackers interested in taking your system down. We will not get a one size fit solution for all the enterprises against the pandemic’s vulnerabilities. Instead, each company needs to fend off and get in charge of the opponent based on the designed rules.

The pandemic might have changed the gaming rules, but the game is still on! Cybersecurity has quickly raged the boardroom because of prominent and expensive information breaks. These threats are found in every sector of the industries, including telecommunications, manufacturing, hospitality, health systems, and interconnected digital systems.

In Australia, alone experts predict high demand for cybersecurity post the pandemic. Research has highlighted that the Australian Cybersecurity industry will hit $10.6 billion by 2024. On a global scale, the cybersecurity market size is predicted to reach nearly $281.74 billion by 2027.
Increment in the usages of personal devices, cloud facilities, and excessive amounts of unmanaged data in the companies leads to an enormous data breach. As stated by the verified data researcher, the global valued market for cybersecurity is projected to be around $281.47 billion by 2027.

Similarly, according to the MYOB Business Monitor survey of 1,000 New Zealand SMEs, almost a third (29 percent) of the nation’s businesses have been the victim of a cybersecurity breach in the form of attacks such as malware, online scam, hack, phishing, or ransomware.

Going on the offensive with the cyber threats 

No business can afford cyber attacks on a larger scale. Especially right now! The pandemic has directly affected investment and purchases. Companies today need to focus on retaining client relationships rather than undercut customer trust in an unrecoverable way.

But companies will not take any action. For a sake, they may review their older system to get rid of the wave to the other side and once there again go back to their old system, unprepared for the next attack.

Amid the COVID, Marriott suffered a data breach affecting 5.2 million customers, while the ransomware forced Honda to shut down its global operations. According to the Federal Trade Commission, by mid-2020 172,000 frauds got reported costing about $114.4 million.

Changing cybercrime tactics and shifts to an employee working elevate the security strategies. Although the work from home may change employee behaviour, relaxation of security standards should never be one of them.

Why should you re-think about cybersecurity post-pandemic?

1. Winning in client’s trust and loyalty

Research has proved that to acquire new consumers or to attract newbies in the business; we need a strong protection strategy backed by a policy. Nearly 65% of Australia customers say that they are unwilling to collaborate with the enterprises where their sensitive financial information is likely to get stolen.

2. Business agility

As we proceed with the years, technology gears up to be more competitive. Businesses have to adapt the improvements to become more agile. However, the sudden transformation on the digital system does require a robust cybersecurity structure and data protection. Enterprises who stretch too much to accept the changes are either losing their clients or left behind

3. Business facilities, security, and productivity

According to Gartner, the business’s minimum cost for average down-time is $5,600 per minute. When summing up, enterprises face 31 hours of interruption every week. A cyber-attack can legitimately disrupt the business system hindering employees productivity. Nearly 35% of the disruptions on the operations of institutions are the ultimate consequences of cyber-attack. Business investing in cybersecurity are somewhat successful in confining the after effect.

4. Taking care of the business brand

When the organisation fails to make up or protect their customer’s data, it’s not just the business they are trailing down, but they are also leaving behind their reputation. The black mark continues to strive in the market, creating an added difficulty in acquiring a new client.

5. Cybersecurity your ultimate cost saver

The continuous flow of cybersecurity-related incident can be expensive for the business. In 2020, despite the pandemic, the Indian company faced a loss of nearly 14 crores, which increased by 9.4%. The sudden data breach caused reputational and financial loss followed by massive lawsuits and loss in intellectual property, cyber theft, fines & penalties, and other aligned costs.

Denying cyber threat is a No Choice

The digital scene becomes more unsafe after constant 12 million new malware variations are found every month. Large corporations are considering safety measures to minimise the risk of data breach and loss.

Each business, financial establishment, telecoms supplier, energy organisation, and the government should now believe that to be under risk from digital culprit is causing liquidation. This steadily developing digital hoodlums organisation is determined to build up the most progressive assault strategies to enter systems.

Here is few expert’s advice from the cybersecurity leaders during and beyond the pandemic:

1. Look out for the pandemic scam

The only successful reaction to the reach of digital assault is a significant advancement in cybersecurity to give a general level of understanding and oversight that will work jointly with industry. Those of us with public duties, the heads of broadly influential organisations, and establishments need to join in the battle.

Dr Jay, Deputy Chief Security Officer of cybersecurity technology of Mastercard, at the 2020 EmTech Next conference, stated,

“Hackers are opportunistic, and I think the biggest change is the with COVID-19. Hackers have pivoted from sending phishing emails asking bitcoin to “something COVID-19-related or something more personal and pulling on the heartstrings.”

The pandemic and shifting to remote work have changed the adversary’s opportunities. In April 2020, nearly 500,000 Zoom users got affected by a data breach.

2. Adjusting security for the remote workforce

Be that as it may, advanced risk and opportunity are two of a kind. Regardless of the risks, it would be best if you keep your business flowing with the use of advanced implements. You need your people to have the option to work deftly and productively utilising trendiest devices and cloud solutions.

The real risk associated with the transformation is in the use of third parties and shared devices. The chief technical officer of Veeam software, Danny Allen, stated that remote work accelerated multi-factor authentication adaptation.

3. Embracing industry collaboration

Sharing and working on cyber threat practices offer high benefit to the enterprises. Sharing signatures and fintech make the network more prominent, which would continue to assist cyber security resilience.

Cybersecurity, beyond the pandemic, has shifted away from the perimeter-based security activity model where all the industry’s network assets are trusted. Instead of taking up the system centric models, businesses should approach protecting access information adopting zero trust architecture (the network where defaults cannot charge the applications and devices.

Looking forward, experts suggest the companies make their information secure, and strategies at the right place safeguarding their stressful period. If you are unaware of the cyber resilience or looking for suitable cyber threat protector? Let us connect at 1300 138 600 or [email protected]!