Cybersecurity must be a business priority in the post-pandemic world

Cybersecurity must be a business priority in the post-pandemic world:

Cassiopeia & partners launch cybersecurity solutions package

Amongst the many impacts of the covid pandemic, digital transformation is one set to last, even after the disease is no longer a threat. Companies and services providers will rely on hefty digital infrastructure to run their operations from now on. In the post-pandemic world, cybersecurity is a key aspect within any business strategy.

During the last five months, the work-life that was once centered around office buildings, has swiftly shifted to remote working. While many employers are equipped to provide their staff with a working-from-home routine, companies are less prepared to deal with increased risks. Cybersecurity experts reported an increase of 63 percent in cyber-attacks related to the pandemic, according to a survey by ISSA and ESG.

The most common cyber threats to hit businesses during the recent months were data exposure, phishing scams and transaction frauds.

Even before the pandemic hit, businesses in the UK were already facing challenges in terms of the security of their systems. The numbers of cyberattacks in British companies is staggering: Cyber attacks have hit almost all organisations across the country in 2019, and 96 percent of companies reported that a breach has negatively impacted their business.

A study by Tanium showed that 92 percent of businesses have witnessed a spike in the volume of cyberattacks attacks over the past few months, and unfortunately, companies are generally poorly prepared to rise up to the challenges posed by cybercrime.

“The almost overnight transition to remote work forced changes for which many organizations were unprepared,” said Chris Hodson, Chief Information Security Officer at Tanium. “Whether companies choose to permanently move their operations, return employees to the office, or some combination of both, it’s clear that the edge is now distributed. IT leaders need to incorporate resilience into their distributed workforce infrastructure.

According to a report by the World Economic Forum, cyberattacks and data fraud are amongst the top 3 main concerns of executives for the business scenario post-pandemic. In order to ensure security, budgets for cybersecurity solutions should be a priority for companies. Worldwide spending on information security has been growing, with spending that exceeded $114 billion in 2018, an increase of 12.4 percent from 2017. But the digital transformation forced upon companies in 2020, factoring in cybersecurity and data protection tools are a priority.

In terms of the reputation for companies, poor cybersecurity can be very damaging. A study by PwC concluded that 87 of consumers are willing to walk away from companies that are reportedly victims of breach and other problems. A key aspect to maintaining a good relationship between business and clients is to assure consumers are able to trust companies with their data and information.Unlike financial frauds, where costs are more visible, the brand damage of being exposed to cyberattacks is incalculable.

The threat of cyberattacks is real for all kinds and sizes of business — from SMEs to large corporations. The recent “great Twitter hack of 2020”, for example, has caused the social media giant share price to drop 7 percent. Beyond the drop in share price, companies that are victims of data breach continue to underperform in the market up to 12 months after the attack was made public.

CyberSecurity Package by RFB, CYFOR and Cassiopeia

In light of the growing need for robust cybersecurity solutions Cassiopeia has partnered with RFB and CYFOR to offer a one-stop package with legal, digital forensics, PR and reputation management solutions for businesses to manage issues related to cybersecurity. By combining expertise in the fields of technology and investigation, legal and PR reputation management we are able to guide you as issues arise in the following key areas: home working; cyber security/data breaches; electronic property theft by employees; misuse of equipment; and Data Subject Access Requests (DSARs).

In the event of a cybersecurity breach, the team can provide a 24/7 emergency crisis service with a comprehensive forensic incident response to understand how the breach occurred, manage and mitigate risks, remediate and implement recovery and preservation plans.

Furthermore, the package is aimed at providing legal counselling and handling regulatory issues including meeting regulator notification deadlines and providing legal representation during regulatory investigations. Cassiopeia Services, one of the leading PR/ IR agencies in the City, will aid the process of reputation management.

Stefania Barbaglio, founder and Director of Cassiopeia Services, has said: “This partnership was established and designed taking into account the new environment for businesses and corporations. Our approach is forward-thinking and innovative, offering a holistic service that encompasses all the aspects that affect companies in cases of cyberattacks.

Our team at Cassiopeia has been working with technology and data issues for years. We are prepared to advise companies with their digital transformation to make it as smooth as possible.”

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