It is an unfortunate reality that executives at most companies only start to care about cybersecurity when something has already gone wrong. That seems to be the case now as the Wall Street Journal reports that as cyber threats increase drastically due to workforces going remote, executives across the country are now being forced into discussions about cybersecurity and contingency planning.
Many of these companies are employing risk and audit committees during these uncertain economic times. These committees are asking tough questions about the cybersecurity measures that are being used to protect data as employees operate remotely. They are also leading discussions on business continuity planning as most companies have never considered such protocols until now.
The coronavirus is only forcing these executives to confront an issue they all should have long ago addressed. It is estimated that cybercrime will be a $6 trillion industry by 2021, more profitable than the trade for all major illegal drugs combined. That would represent a 100 percent increase than the total cost in 2015. By contrast the spending on cybersecurity is expected to only grow to $1 trillion by 2021. The Covid-19 pandemic may have shifted that number upwards, however, as companies are forced to confront the gaping holes in their security and their business continuity planning.
The crisis has shed light on just how unprepared the vast majority of businesses are to disruption. With so much of the workforce working from home, small and medium sized businesses in particular are dealing with increased threats from opportunistic phishing attacks from hackers pretending to be from health organizations or the government, as well as massive security holes introduced by remote work software like Zoom.
If you have faced a disruption in your business during lockdown, now is the time to reconsider your cybersecurity position and your business continuity plan. Reach out to us for a gratis impact assessment.