Summary
The shift to a work-from-home economy has enabled companies and employees to continue functioning during the pandemic but one unintended consequence of this overnight transition has been the increased risk of cyberattacks. This article examines some of the most prominent incidents of the pandemic era and provides an overall picture of just how extensive the threats are to businesses, as well as a closer examination of the threat of ransomware in particular. The article concludes with real-world best practices on ways companies and their in-house counsel can mitigate the risk of cyberattacks.
Highlights
The Internet Crime Complaint Center (IC3) reported that cybercrimes roughly quadrupled between January and April 2020, and the average cost of a business data breach was $3.86 million last year.
Best Practices for Managing Cyber Risks in a Cyber World Monday, February 22, 2021
1One remarkable aspect of the COVID-19 pandemic has been how quickly and completely global businesses were able to pivot to a virtual work environment. Across the world, employees fired up their laptops and got back to work from their living rooms and kitchen tables.
While this can-do spirit helped keep the global economy treading water during 2020, it also led to unprecedented threats to cybersecurity. Each work-from-home employee represents a potential entry point for cyber threats. Given how rapidly businesses had to transition during the pandemic, they also had limited (if any) time for standard diligence or testing prior to deployment.