Business Digitalization Introduces Additional Cyber Threats To Be Aware Of

The Covid-19 pandemic continues to harm the global economy. It makes businesses look for new ways to survive, for instance, to minimize their operations or close their stores altogether.

Many businesses have moved operations to the Internet, using new digital tools and platforms to connect with their customers, restore supply chains, and keep in touch with their employees amidst the crisis period.

Although it's promising news entrepreneurs found a way out to keep doing their business, this new wave of business digitalization increased the number of cyber attacks - the so-called cyber pandemic began.

These are the cyber dangers a business should beware of:

Malware

According to the Legal Jobs research, "Malware attacks cost the average US business well over $2 million."

And their amount keeps growing. The total cost of cybercrime is expected to reach $6 trillion by the end of the year, as stated by Safety Detectives. 

Remote work security

Because of the quarantine, a vast majority of business employees have to work from home, accomplish their tasks using their personal devices, send them to their managers, communicate with colleagues via various apps, which can be risky security-wise.

Phishing attacks

According to the FBI, there were more than 11 times as many phishing complaints in 2020 than in 2016.

Phishing and malicious e-mails are used to create confusion and lure unsuspecting victims into giving up confidential information.

As we all know, forearmed is forearmed. But what should a business do to prevent cyberattacks? Here are some steps that Deloitte highly recommends taking.

Apply new technologies and tools. Companies can use advanced tools, such as a VNP app or host validation, to enhance remote security.

Intelligence techniques. Businesses should encourage their employees to be aware of cyber threat information to identify relevant attack indicators and address known attacks.

Risk management. Businesses can use management, risk, and compliance solutions to improve risk management. GRC solutions provide a detailed overview of a company's risk and help combine different risk disciplines like cybersecurity, operational risks, business continuity.

Prepare for attacks. In these times of high risk, companies are encouraged to conduct cyber crisis simulation exercises to respond to a cyber attack.

Zero-trust. CISO and CIO should consider implementing a zero-confidence approach to cybersecurity. This is a security model where only authenticated and authorized users and devices can access applications and data. This challenges the concept of "default access".

Final words

Ensuring your business survives the current crisis, you should know how to navigate the digital world. With thought-through planning for cybersecurity, you will be able to survive and prosper afterward.