Over the last few years, we have seen several tech companies, such as Buffer, Todoist and Help Scout, to name a few, switch to a fully remote or partial work setup. Most of these companies spent months preparing for the switch by training their employees, setting up remote work policies and ensuring the necessary infrastructure was in place to deal with cybersecurity threats.
However, many companies were forced to make the switch overnight when COVID-19 hit. Very few got the chance to fully prepare themselves, which left them more vulnerable to cyberattacks and data breaches. And this is exactly what cybercriminals are capitalizing on.
According to the FBI, daily cybersecurity complaints increased from 1,000 to 4,000 during the COVID-19 pandemic. With DDoS, Malspam, ransomware and phishing attacks on the rise, failing to secure your remote workforce makes you a sitting duck for cyberattacks.
Risks and consequences of not updating your security protocols and training programs
For starters, your existing business security protocols and training programs were created in a pre-pandemic world. However, things have since changed drastically. Now, employees access critical company data through connections and devices that are beyond your control, making your company more vulnerable to cybersecurity threats than ever.
Failure to update company security protocols and training programs could lead to the following consequences:
Employee inaction and dip in morale: If you don’t train your employees to identify or deal with new types of security threats, they may feel helpless or indecisive in the face of an attack. Moreover, being in a remote setting, they may find it hard to ask for support.
Hampering of business growth: Cyberattacks hamper your credibility and reputation in the market. This can make it challenging to acquire new customers or retain existing ones because they don’t trust you with their information.
Business paralysis: There has been a massive rise in DDoS attacks over the last few months. And such attacks typically lead to website downtime, increased vulnerability and disruption of business operations.
Compromise of crucial business information: If you fail to defend yourself, cybercriminals may end up getting away with everything from confidential client data, patents, sales information, business plans and much more.
Financial implications: 2020 has seen a 109 percent spike in ransomware attacks in the United States. But paying ransom is not the sole financial implication. A breach could see you lose money, your clients’ financial details, your reputation and much more.
Legal sanctions: If you fail to adequately protect yourself against cyberattacks, you could face everything from consumer lawsuits, hefty fines and sanctions, to even a business shutdown.
Let us tackle updating your security protocols so you can continue growing your business and focusing on its core competencies.
