From the beginning of 2020, COVID-19 began to spread rapidly, a virus which spread to a pandemic. Even today the whole planet is trying to fight this unprecedented virus. The virus has had remarkable effects on both health and the global economy. This massive change has affected the internet and raised concerns about cybersecurity. The pandemic has made it more difficult to maintain companies' security.
The pandemic has created new and significant challenges for businesses. These challenges are due to the new reality that has been created, the work from home. Digital transformation and cyber security is an important concern for all companies.
What is the impact of the pandemic on digital work and cybersecurity?
Governments around the world have imposed restrictions on businesses and their employees. A key restriction was the prohibition or reduction of work-related distractions, encouraging work from home. Nowadays technology is the “key” to professional and personal improvement. It is important to note that many organizations and companies, despite the urgency of the time for technological development and upgrading, don’t provide a secure cyberspace for work from home.
Top types of Cyber Attacks:
Internet of Things (IoT) Attacks.
Malware (encompasses various types of attacks including spyware, viruses, and worms etc.).
Man-in-the-Middle (MitM) Attacks.
Denial-of-Service (DOS) Attack.
Cyber threats are varied:
Employees who work from home with less supervision and less technical inspections may be tempted to commit fraud or other criminal activity. Also, employees would unknowingly or recklessly give access to the wrong people.
Cybercriminals recognize that the current data security measures are not secure or strong enough to prevent them from successful cyber attacks.
The activities of hackers fighting for social and political issues.
Young hackers with less technical skills try cyber-attack packages on various organizations and improve their skills.
Cybercrime Up 600% Due To COVID-19 Pandemic
Global cyber statistics about 2020.
Every 40 seconds, a new cyber attack starts (2,244 per day).
Ransomware attacks are increasing at a rate of 400% year on year (550,000 cyber attacks per day).
Over 25,000 different malicious applications are detected and blocked every day.
Each day hackers attack over 30,000 websites.
Over 65% of organizations worldwide have had at least one cyber attack against them.
Email is responsible for propagating 95% of all malware.
43% of all cyber attacks are made on small businesses.
Global losses from cybercrime skyrocketed to nearly $1 trillion in 2020
Prevent your business from Cyber Attacks.
First of all, backup your data, secure your devices and network, encrypt important data, manage passphrases, monitor use of computer equipment and systems, protect your customers, consider cybersecurity insurance and get updates on the latest risks.
Also, IT systems need to adapt to these changes in working practices and the increase in human error. Such as, for employees who work from home, creating a system with time-outs in key information systems (because employees may be interrupted in the work they are doing by family members etc.), enhancing controls to apply the ‘four-eyes principle’, enforcing segregation of duties (SOD).
Blockchain & Cybersecurity
The pioneering blockchain technology and its applications seem to be part of a larger revolution taking place in our world today. Blockchain is a technology that can aid cyber defence by creating secure platforms, prevent fraudulent activities due to consensus mechanisms, and detect data tampering attempts due to blockchain’s fundamental characteristics of immutability, transparency, and operational resilience, among others.
Blockchain is immutable and is viewed as a secure technology, as it allows users to trust that the transactions on the ledger are valid. All transactions added to a private or public ledger are digitally signed and timestamped, meaning that businesses can trace every transaction and identify the corresponding party on the blockchain through their public address.
If you want to learn more about cybersecurity and blockchain technology you can read our previous article here.
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