Coronavirus is going to have a significant impact on the economy, global trade, and business operations. With so many businesses transitioning to a remote workforce, there will be a major impact on IT decisions and cybersecurity challenges that companies will face due to the sudden shift of a remote workforce. We are breaking down the coronavirus impact on cybersecurity.
Lack of Strategic Support
As we have learned, it takes time for the full adoption of cybersecurity security practices. With this quick transition, IT teams are now being forced to quickly understand a new work environment and the challenges that come with that. If executive teams don’t provide support to their IT department, companies will fail to overcome the challenges that remote work policies will bring about and leave the company exposed to cybersecurity threats.
Companies are now utilizing personal devices or unmanaged devices for employees to access corporate data due to the quick transition of the workforce. This type of exposure will cause major security risks for an organization that does not already follow cybersecurity guidelines.
Secure access to company data is another challenge. While companies for the most have traditionally only had a limited number of users using remote access, now access is being extended to the whole company, which is increasing the risk of password abuse and credential-related attacks. Companies will need to consider adding new security policies such as two-factor authentication and access monitoring controls.
Phishing attacks are among the largest security risks that companies face regularly. Remote users due to the coronavirus will only see the amount of cybersecurity attacks increases. Security awareness training will be vital to help educate users on what to look for in a phishing email or any type of social engineering attack.
Supply Chain Attacks
With businesses reliance on the suppliers, companies are dependent on their suppliers’ security. Hackers are aware of the limitations of securing the whole supply chain and will start targeting companies those relationships.
What will the Coronavirus Impact be on Cybersecurity?
Businesses will have to enforce cybersecurity policies and procedures. Companies will need to communicate the increased fraud risk to employees. Each employee must understand the risks and be on the lookout for a surge of phishing and online scams. Beyond communication, businesses will need to provide employees with security training to educate their employees. If companies don’t already have verification procedures, then they will need to create and implement them. They will also need to communicate those procedures to employees, such as financial transactions, account access reset, credentials, and the sharing of PII.
Companies must also consider strong password policies and deploy two-factor authentication for all applications. In addition, if your business hasn’t already increased system monitoring, then it should be done to help warn any suspicious behavior. You might want to reach out to your suppliers regarding their security practices to ensure that they are also enacting cybersecurity policies.
Lastly, businesses might want to consider contracting a Managed Security Service Provider (MSSP) to help implement these steps for your business. MSSPs have years of experience and knowledge in this space and can provide valuable expertise when it comes to cybersecurity. Our team specializes in cybersecurity and helps lessen the impact on your business caused by the coronavirus. Contact us here to get your personalized solution for your business.