A 2019 report released by the National Cyber Security Alliance (NCSA) showed just how devastating a cyberattack is to small and medium-size businesses. After suffering a data breach, 25 percent of the businesses surveyed had to file for bankruptcy, with 10 percent closing permanently. Now, during extraordinarily trying times, hackers are doubling down and taking advantage of new vulnerabilities as well as new attack. From nefarious ransomware masquerading as a COVID-19 contact-tracing app to phishing campaigns that use well-known brand names as bait, cybercrime is at a new level.
When considering the unprecedented number of people working from home, it’s nearly the perfect storm of security challenges requiring businesses of all sizes to batten down the hatches. It is also a tremendous opportunity for businesses to move away from just being defensively reactive and rethink positioning to stay ahead of attackers. After all is said and done, these circumstances have the potential of serving as a catalytic force, inspiring new breakthroughs that will enable companies to thrive moving forward.