Cybersecurity Risks of Employees Working From Home

Following the outbreak of COVID-19, the growing trend of employees working from home has become the new norm in organizations worldwide. Cyber criminals are more active than ever and taking the opportunities presented by an increase in remote working to exploit common IT vulnerabilities.
Categories: Business Insurance
Aug 5th, 2020 | By: CapriCMW

Following the outbreak of COVID-19, the growing trend of employees working from home has become the new norm in organizations worldwide. Our kitchen tables have become our offices, and the technology we use for work is now intertwined with the devices and networks we use in our personal lives.

While some employees are gradually returning to the office, many will continue to work remotely due to personal preference and new corporate mandates to reduce operating and overhead costs. IT departments face the daunting task of maintaining uninterrupted productivity amid a surge in new access points to corporate systems and mass volumes of sensitive data.

Global IT security experts estimate 60 to 90 per cent of all cyber incidents are caused by human error. Organizations today face growing cyber threats with an increase in remote working, as employees have less supervision and are often inadequately-trained to identify IT risks.

Cyber criminals are more active than ever and taking the opportunities presented by COVID-19 to exploit IT vulnerabilities of organizations.

Consequently, global IT security experts cited a significant growth in cyber attacks this past spring from online criminals taking advantage of remote workers, including:

PHISHING/WHALING ATTACKS
Imposters luring employees to provide sensitive system information such as logins and passwords.

RANSOMWARE ATTACKS
Employees accessing phony websites or emails which allow cybercriminals to encrypt a company’s data
for ransom.

HACKING ATTACKS
Cybercriminals breaching employee devices and systems to steal the company’s money and sensitive information.

SOCIAL ENGINEERING FRAUD
Imposters tricking employees into transferring them company funds.

Lost time, productivity and the financial impact from these attacks can easily range from thousands to millions of dollars. With the global reach of the internet, any business, anywhere, can be the target of cybercrime.

Continuous employee training and adopting a corporate culture which embraces strong IT security are the first line of defense in protecting your company from cyber attacks.

How CapriCMW Can Help

In addition to providing valuable risk management information and resources to fortify your internal cybersecurity, CapriCMW’s experienced Risk Advisors can offer options for robust cyber insurance policies, an essential addition to your company’s cyber risk management program and overall resilience.

Not only do cyber insurance policies provide immediate access to specialized legal and IT security experts in the event of a cyber attack, they also cover:

  • lost revenues from system shutdowns
  • bricking (hardware loss of use) coverage
  • ransom payments
  • theft of funds
  • legal defense costs from third party lawsuits
  • regulatory fines

We know your IT department is working tirelessly to ensure your operations flow smoothly in the new business landscape created by the COVID-19 pandemic. Cyber insurance will provide added confidence your business has the support it needs to respond quickly and recover from losses efficiently when cyber attacks occur.

Let us help you be truly cyber-resilient. To learn more about how to safeguard your business from the increased cybersecurity risks of working from home, contact a CapriCMW Risk and Insurance Advisor today.

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