Promoting Cybersecurity in the Expanding Digital Economy

At the initial onset of the COVID-19 pandemic, organizations across industry lines were forced to implement digital offerings in an effort to remain operational. This shift to predominantly remote activities—such as video chatting, online shopping, electronic payments and contactless deliveries, among others—changed the way consumers were able to receive goods and services.

Specifically, the pandemic largely accelerated the nation’s already expanding digital economy. As a result, many consumers are expected to continue leveraging online options for the foreseeable future—even as COVID-19 restrictions are lifted and organizations reopen their doors to the public. With this in mind, it’s important for your organization to consider permanently integrating remote capabilities within your current products or services (if you haven’t already).

Nevertheless, introducing online offerings comes with further cybersecurity considerations. Without proper precautions in place, implementing digital operations could make your organization increasingly vulnerable to cybercriminals—potentially resulting in costly attacks, devastating interruptions and reputational damages.

What’s worse, cybercriminals are only becoming more sophisticated within this growing digital economy, thus making protective measures all the more vital. As such, your organization should make these cybersecurity adjustments alongside any remote offerings:

• Conduct a cyber risk assessment. First, perform a risk assessment to analyze the cyber exposures that could accompany your digital operations.
• Establish workplace policies and procedures. Use the risk assessment to develop policies and procedures that can help limit your organization’s cyber exposures. This may include further employee training, extra authentication measures, additional data backup protocols and new security software.
• Ensure compliance. Review your organization’s digital operations to make sure they are compliant with any applicable regulations—such as the Payment Card Industry Data Security Standard.
• Create a cyber incident response plan. Be sure to develop a response plan that will help your organization remain operational and minimize potential damages in the event of a cyberattack.
• Secure appropriate coverage. Lastly, consult a trusted insurance professional to help determine whether your organization needs additional coverage to protect against cyber exposures.

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Source – Zywave, Inc.