“One third of businesses now more vulnerable to cyber crime” reports IoD

The sharp rise in home working due to the pandemic has meant that businesses have become more exposed to cyber threats. For those companies that did experience an IT or cyber breach during the pandemic, the most common examples have ranged from ransomware and phishing e-mails aimed at enticing home workers into allowing access to business systems through to hacking.

A prior survey of IoD members showed that nearly three-quarters (74%, in fact) of business leaders will be maintaining increased home working arrangements after Coronavirus, with more than one-in-five reporting their usage of the workplace will be significantly lower going forward.

This more permanent role for remote and digital operations raises the long-term vulnerability of business to cyber attacks in the wake of the pandemic.

Severe disruption

Joe Fitzsimons, senior policy advisor at the IoD, explained: “Many organisations have suffered cyber attacks over the course of the pandemic. These episodes have caused significant disruption, loss of revenue and, in many cases, have resulted in data theft. The potential for reputational damage can result in long-lasting consequences.”

Fitzsimons continued: “Increased home working has made navigating cyber security all the more challenging. The rise of home working will last long beyond the pandemic, with its various benefits for both employers and employees. Minimising the risk of cyber crime will continue to be a front of mind priority for business leaders.”

According to Fitzsimons, directors will continue to need support in developing a better understanding of cyber crime and the steps that can be taken to secure their digital operations. “Further support in the form of access to training and tailored guidance will be key as organisations seek to minimise their risk of cyber threat,” concluded Fitzsimons.

The survey, which elicited responses from 789 individuals, was conducted between 18 February and 3 March.

Risk of cyber security failure

According to the World Economic Forum’s 2021 Global Risk Perception Survey, cyber security failure ranks as the fourth most threatening short-term global risk. With personal data becoming a driving force of the fourth industrial revolution, ethical approaches and responsible data management are among the goals of Corporate Social Responsibility (CSR).

SASB Materiality Map’s data shows that customer privacy and data security issues are likely to be a relevant CSR issue for more than 50% of those companies operating in the software and IT service industry. Enterprises are responsible for keeping their clients’ and contractors’ data safe, in addition to securing their own corporate information.

Today, data is a product of economic activity and the material for further growth. Private information, however, is a part of everyone’s identity, and commentators feel that no measures can be too strict in trying to protect it. In fact, ppropriate and robust security measures should be every company’s commitment to society.

In an interconnected and digital world, collected data is no longer a simple asset and requires appropriate measures (among them the enactment of a company’s CSR policy) to secure it. While a growing reliance on digital tools and network connections brings progress, not everyone benefits equally. Socially responsible businesses should be aware of those unable to keep up with the changes. For instance, there are 1.9 million households in the UK without an Internet connection and many rely solely on Pay-as-you-Go services. 

Despite the pandemic having proved the majority’s ability to telework, the World Economic Forum’s Global Threats Report has also found that a worrying 60% of adults lacked the basic digital skills when schools and workplaces shifted to remote operations. With 85% of companies planning to accelerate the digitisation of the workplace, indifference might aggravate the situation.

Digital literacy

“Digital literacy is a key skill in today’s transforming world, contributing to growth and economic development,” stated Juta Gurinaviciute, the CTO at. NordVPN Teams. “Cyber security issues also have a role to play as people lacking digital knowledge are vulnerable to social engineering attacks and other forms of scams.”

Enterprises now must comply with the  General Data Protection Regulation (GDPR) guidelines, the California Consumer Privacy Act and other rulings, but the deliberate initiative of data transparency contributes to the company’s CSR and builds customer trust.

“If security is perceived as a social imperative, by protecting their data it follows that businesses will contribute to overall information hygiene,” asserted Gurinaviciute. “Malicious actors leveraging vulnerabilities and people’s ignorance shouldn’t only be treated as criminals, but as a social issue as well. By protecting clients’ data as strictly as their own intelligence, companies will contribute to the safety of cyber space.”

More than half of all those Chief Information Security Officers questioned plan to implement cyber security in every business decision they make. No doubt it will soon find its way into CSR manifestos as well.

To accelerate change, organisations can integrate cyber security goals among other objectives and measure them accordingly. By making cyber security one of their Key Performance Indicators, companies can contribute towards the thriving digital economy and build common resilience.