Cybercrime is Going Strong: Protecting Your Business in the Age of Pandemic
The COVID-19 pandemic has brought about significant changes in the way we live, work and do business. While it has slowed down economies and forced many businesses to shut down, there is one segment that continues to thrive – cybercriminals. They have taken advantage of the disruption caused by the pandemic and have upped their game in attacking businesses. The magnitude of data loss and cyberattacks is staggering for enterprises, individuals, and even government agencies.
Recent stories such as the CNA paying $40 million in ransom after a cyber attack in March 2021 and Irish hospitals being hit by cyber attacks illustrate the global impact of cybercrime. Emerging technologies such as artificial intelligence, 5G, and machine learning are providing a more sophisticated arsenal to cybercriminals, making them more dangerous. Cybersecurity Ventures expects that by 2025, the global repercussions of cybercrime will amount to $10.5 trillion annually. It is crucial that businesses wake up and improve their cybersecurity measures if they want to avoid becoming the next headline news.
The pandemic has resulted in many changes to the way businesses operate. Work from home, remote offsite employees, cloud technology, and off-premises devices have opened up many new endpoints, and these require a re-examination of existing cybersecurity and governance policies. This means that additional investments in tools like deception technology, authentication solutions, cloud security services, access controls, application monitoring, and others need to be considered to protect new vulnerabilities that have emerged as a result of the changing landscape.
To ensure that a company is well informed about threat assessment profiles, security measures need to be in place to frequently test the company. To accomplish this, organizations are deploying Breach and Attack Simulation exercises as a means of establishing capabilities and preparedness. BAS risk assessments can be used to modify and upgrade systems and train employees in the detection, identification, and prevention of cyberattacks.
Cybersecurity is an enterprise-wide concern, and specialists are being hired at their apex, board level, or C-suite level so that risks and risk reduction remain an area of interest and focus. Investing in newer solutions like Application-based Multi-Factor Authentication, AI-powered security systems, identity and access management tools, cloud to cloud backup solutions, hybrid cloud, and security information and event management for real-time user activity and data visibility is essential for companies that deal with zero trust network access.
Navigating the entire gamut of issues involving security risks and mitigating vulnerability solutions is not easy. Therefore, enlisting the support of vendors who are familiar with various aspects of cybersecurity is a worthwhile move for this sensitive matter. RP Tech Services is a trustworthy company with the know-how and experience to put your cybersecurity concerns to rest.
In conclusion, cybercrime is a significant threat to businesses in the age of the pandemic. It is essential to re-assess vulnerabilities, validate controls, strengthen competence, and invest in newer solutions to protect your business from cyberattacks. With the help of cybersecurity experts, businesses can implement robust measures to prevent cybercrime and protect their assets.