Remote and hybrid workplaces did exist prior to COVID-19. These companies dedicated substantial time to training their employees, establishing remote work policies, and ensuring robust cybersecurity infrastructure was in place. In contrast, many businesses were abruptly forced into remote work during the COVID-19 pandemic with little time to prepare. This sudden shift left them more exposed to cyberattacks and data breaches, which cybercriminals eagerly exploited, leaving many companies scrambling to play catchup on the cybersecurity front.
The Current Landscape
While the COVID-19 pandemic is largely behind us, the shift to hybrid and remote work continues to play a large role for businesses. It’s crucial for companies embracing these work styles to prioritize both their own and their employees’ security, regardless of their location. However, many are still unaware of the vulnerabilities in their systems and lack the necessary knowledge to address them effectively.
According to the latest data from the National Cyber Security Alliance, only 44% of employees in businesses have access to cybersecurity training. While this number is up from past years and shows an encouraging trend, it remains low. As a result, most employees don’t know what to do in the event of a cyberattack when they’re working remotely.
Risks and Consequences of Not Updating Security Protocols and Training Programs
In many businesses, their existing protocols and training programs were created in a pre-pandemic world. Now, employees access critical company data through connections and devices beyond their control, making the company more vulnerable to cybersecurity threats than ever.
Consequences include:
Employee Inaction and Dip in Morale: Untrained employees may feel helpless or indecisive in the face of an attack, and being remote, they may find it hard to ask for support.
Hampering of Business Growth: Cyberattacks damage your credibility and reputation, making it challenging to acquire new customers or retain existing ones.
Business Paralysis: The rise in DDoS attacks leads to website downtime, increased vulnerability, and disruption of business operations.
Compromise of Crucial Business Information: Cybercriminals may steal confidential client data, patents, sales information, business plans, and more.
Financial Implications: According to a 2024 report, the average ransom demand exceeds $5.2 million. Besides ransom, a breach can result in loss of money, clients’ financial details, and reputation.
Legal Sanctions: Inadequate protection against cyberattacks can lead to consumer lawsuits, hefty fines, sanctions, and even business shutdowns.
Conclusion
Cybercrime is on the rise worldwide, and the ongoing economic downturn may worsen the situation. Therefore, it’s crucial to ensure everyone in your organization is vigilant.
However, managing cybersecurity alone can be challenging and time-consuming. Collaborating with an expert in the field, like BizCom Global, allows you to focus on your business while we handle cybersecurity matters.
