Why Cybersecurity Is Important In the New Normal

Posted on Jun, 2020

In the aftermath of the COVID-19 crisis, life, as we knew it, has undergone a 360-degree turn. In an attempt to control the pandemic, almost all big and small companies across the globe are insisting that their employees work from home. As such, the importance of cyber-security cannot be understated. Cloud-based communications and transactions are becoming increasingly common. Companies and their employees need to ensure that they are following the necessary protocol to safeguard their information. Let us understand what cybersecurity is and why it is so crucial in the present times. Also, learn how you can ensure that your information does not land in the wrong hands.

What is cybersecurity?

With companies moving to a work-from-home model, their control over the information stored and shared on their secure servers is limited. This in turn exposes them to various cybercrimes & malicious activities. In such a scenario, organisations across multiple sectors, especially banks, tech companies, government agencies, etc., must invest in an infrastructure that protects their business practices along with their customers, trusting them with their data. Cybersecurity is thus defined as the practice of securing systems, network and other essential digital infrastructure from various kinds of malicious attacks.

Why is cybersecurity important in the new normal?

Here are three reasons why cybersecurity has become more critical than ever in the current professional climate:

  1. The unavailability of secure firewalls provided with office systems

    Typically, office systems afford the workforce a wide range of security protections like secure firewalls, blacklisted IP addresses, and so on. Offices spend millions of rupees to ensure their data is stored securely with no room for hacking. Such secure systems can prevent the vulnerability that comes with cyber-attacks. However, if you’re working remotely, there is a good chance that your computer systems will not have such in-depth security, thereby making you vulnerable to cybercrimes.

  2. Online work increases the risks associated with cybersecurity

    In this current situation, most of us have to complete our tasks online, which can expose us to cybercriminals. Many of us use the same login credentials for various online applications, which can be easily cracked by cybercriminals. Furthermore, instances like phishing e-mails designed to trick you into downloading malicious data or handing over your details can further increase your vulnerability to cybercrimes. Through these manoeuvres, cybercriminals can gain complete access to your systems, including the sensitive data stored in it.

  3. VPNs can be manipulated

    Today, many businesses are relying on Virtual Private Networks or VPN, which extends encrypted networks to their employees’ homes. Unfortunately, many home networks are infected with malware, which may be exploited to stage attacks. This situation enables hackers to piggybank through VPN, which increases the importance of computer security for business.

  4. Increasing Cyberattacks

    In the wake of the novel coronavirus, online hacking has become increasingly prevalent. In the recent months, the banking and IT sector reported several cyberattacks, which affected individuals and companies in the private and public sector. Such cyberattacks can cause several issues such as hijacking internet protocols, phishing, and denial of service, making the importance of cyberattacks even more critical.

Strategies for ensuring cybersecurity

Now that we’ve covered the importance of cybersecurity let’s take a look at a few strategies that can ensure cybersecurity.

  1. Taking steps to educate the workforce against cybercrimes

    It is recommended that you train your workforce, across various levels in your organisation, regarding the risks associated with cybercrimes and scams such as phishing, malware, social engineering, etc.

  2. Invest in the right tools

    Invest in specific tools that can limit the loss of information, monitor risks associated with third parties, vendor risks associated with the fourth party, etc., and ensure that you scan for leaked credentials and data exposure regularly.

  3. Opt for cyber liability insurance

    Organisations with a considerable workforce can benefit from investing in a cyber liability insurance. Such an insurance policy provides coverage against third party liabilities arising due to cyber-attacks. It thus saves the insured from bearing the expenses incurred due to the cyber-attack. Cyber liability insurance offers coverage against a wide range of liability claims made against a business, and also helps with crisis management and regulatory defence costs, fines and penalties.

  4. Practice basic cybersecurity protocols

    Apart from the cybersecurity strategies mentioned above, you must also follow some every day, basic protocols to ensure your system is never at risk. These include not opening e-mails in your spam folder (unless you know the sender), ignoring fake security software warnings from untrustworthy sources and installing a good malware and anti-virus program. Also, avoid auto storing passwords and ensure you log out if you’ve signed into any websites, especially those where you’ve entered sensitive information like bank passwords.

    Working from home has become the new normal, and while it comes with its own share of benefits, the risks associated with it, are also increasing. As such, cybersecurity importance cannot be overlooked or underestimated since it encompasses everything pertaining to protecting your sensitive data, intellectual property data, personal information, etc., from cyber damage or thefts. Apart from following the necessary protocol to save your information (installing anti-virus and malware software, for instance), you should be alert and keep an eye on suspicious links and materials that can cause cyberattacks. The best way to go about it is to invest in cyber liability insurance. For more information about cyber liability insurance, you can get in touch with us at Pinc Insurance.