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How COVID Has Changed the Way Businesses Ensure Security

COVID has forced businesses to step up their security efforts—or face severe consequences.

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The COVID-19 pandemic has transformed the business world. And in many ways, the pandemic has forced businesses to take their security to new heights, with there being an immediate need to make sure remote work could be done securely. Here, we outline why security is so important right now and how you can make your business more secure.

Cybercriminals Capitalize on COVID

The pandemic revealed a nationwide cybersecurity problem. This is because many companies had to embrace remote work during the crisis. Although remote workers have helped businesses stay afloat, companies often lacked cybersecurity. Thus, this move toward remote work has put sensitive business data and systems at risk. Meanwhile, cybercriminals have pounced at opportunities to attack remote workers during the pandemic. And they show no signs of slowing down any time soon, either.

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A clear understanding of the different types of data breaches is a must for today’s businesses and their employees. Companies can implement training programs to educate their personnel about cyberattacks and the risks associated with them. From here, employees can do their part to protect business data and systems against ransomware, phishing attacks and other cyber threats. 

Moreover, global companies must ensure compliance with appropriate data security measures. They must account for data security protocols in any nation where they operate. Failure to comply with such protocols could lead to costly and time-intensive data breaches. It can result in compliance penalties, associated brand reputation damage and revenue losses as well. 

Physical Security Concerns Persist 

Along with cyberattacks, many businesses have been concerned about physical security during the pandemic. 

Companies have explored various options to keep their physical locations safe. While some businesses have invested in guarding, surveillance and private security services, others have purchased access control systems and physical security technologies. 

The ideal physical security measures vary based on the business. With comprehensive planning, any company can guard against break-ins and other physical security risks. An audit of a company’s physical security can help determine what the business needs for optimal protection, and from there, the company can make a physical security plan to determine the best course of action to protect against myriad risks. 

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Insurance Delivers Immense Value

COVID has elevated the importance of insurance to safeguard both cyber and physical assets. 

Insurance helps companies guard against cyber and physical risks. If a business experiences a security issue, insurance enables the company to minimize the incident’s financial impact. Companies can also purchase cyber insurance that can help them rebound from a potential data breach. 

Companies have been more willing to buy cyber insurance during the pandemic than they were before the crisis, but of course, this demand means insurance providers have raised the rates on cyber policies.

For companies that want to utilize insurance, now’s the time to invest in it. If a company weighs the pros and cons of different insurance coverages, it can select ones that align with its expectations. And going forward, this company can verify it is well-protected, regardless of when a security issue arises. 

Take Security to the Next Level

Expect security to remain a priority for businesses moving into 2022. Criminals will continue to seek out ways to exploit companies of all sizes and across all industries. Regardless, companies that plan ahead can protect themselves, their employees and their customers against current and emerging security risks. 

When it comes to security, be proactive. Companies should track their security investments and explore ways to get the most value out of them. If security issues are found, businesses should address them right away. And if no security problems are present, companies should not relax. Rather, they must remain diligent to optimize their security.

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It is also beneficial to perform ongoing security assessments. During the assessments, companies can evaluate their assets and what is being done to protect them. As well, they can examine industry-wide threats. Upon completion, security assessments can provide insight into risks that are present and their potential impact. Then, companies can use these insights to find ways to eliminate security issues. 

Finally, education can dictate the success of a company’s security efforts. Teaching employees about security threats empowers these individuals to become difference-makers within their respective companies. Thus, a company that develops and implements a security training program can teach its staff about common risks. Employees can learn how to identify risks and respond to security dangers. They can help a company become hyper-vigilant as it tries to protect against a wide range of threats. 

Don’t wait to review and upgrade business security. Getting started on security enhancements now means your company can limit risk today and in the future.

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