Due to the COVID–19 pandemic, the world as we know it, has changed. For most of us, the way we live our lives has been forced to adapt dramatically, including the way we work.
Some jobs which were once considered unfeasible to perform from outside of the office, are now required to be carried out from home. Whilst this has pushed many to introduce a lot more flexibility to their working environment, it has also increased associated security risks and concerns.
One of the major reasons for concern is inadequate system security, which will more than likely open the door to unauthorised system access and data breaches for many organisations.
Most savvy businesses, particularly larger corporations, typically protect their information by locking down their office networks for local users. However, when information and system access is required from outside the safe office environment, say from a potentially unsecured home environment, additional policies and procedures must be followed to properly address the increased risk of security breaches.
Businesses that are able to operate during this COVID-19 pandemic also need to consider the well-being of their team. In instances where companies have been left with little alternative but allow select employees to work from home, system security is often an after-thought and has not been properly assessed.
Most home internet services are not secure. By allowing employees to access company systems from these unsecure environments introduces unprecedented risk to company information and exposes them to malicious and fraudulent activity which is currently rampant and growing at an alarming rate.
In a recent Australian Cybercrime Report, 13,672 reports were made in the first three months of operation. This equates to an average of 148 reports per day, or one every 10 minutes.
Individuals and small to medium enterprises lodging cybercrime reports on ReportCyber can indicate the amount of money they lost, for example through identity theft, online fraud or remote access scams.
Over the first quarter of reporting, the headline numbers in relation to reported financial loss were:
- Average financial loss per report $6,000
- More than $890,000 in reported losses each day
- Annual estimated losses to cybercrime of $328 million.