The World Economic Forum mainly concerns itself with high-level macroeconomic issues such as global recessions and world economic development. That’s why it was significant this week when the WEF cited cybersecurity as one of its “Top 10 Fallout” issues from COVID-19 in its Global Risks report.
Nearly 38 percent of those surveyed say changing work patterns will lead to increases in cybersecurity and fraud incidents.
“The constant flow of information on the virus, accompanied by fear, confusion and even the boredom of confinement, have multiplied opportunities for cybercriminals to deliver malware, ransomware and phishing scams,” said Algirde Pipikaite, the WEF’s project lead in its Center for Cybersecurity.
Pipikaite added that the corporate digital infrastructure that normally protects most organizations with multiple layers of security has become much tougher to manage while the majority of employees work from home. A blurring of the line separating corporate and personal systems heightens the risk of exposing sensitive information not appropriately secured and monitored on personal devices and home networks. “Insider threat-associated risks are also increasing as they can be motivated by resentment from layoffs and cost-cutting measures,” said Pipikaite.
Tom Fuhrman, managing director, cybersecurity consulting and advisory services at Marsh & McLennan, added that long before the COVID-19 pandemic, cyber risks were top-of-mind for many executives.
“The rapid move to a remote workforce and online operations during the COVID-19 pandemic has just made a complex environment even more complex,” Fuhrman said. “Companies are working to secure their new IT environments at that same time hackers are seeking to exploit the stresses and distractions brought by COVID-19.”
Jon Oltsik, a senior principal analyst who focuses on security at the Enterprise Strategy Group, said while some companies ..
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