Big Increase in Cyber Attacks During the covid-19 Pandemic

Cybersecurity challenges are rising with the neck-breaking speed along with the expansion over the internet. Cybercriminals are breaching the computer systems and networks of individuals, businesses and organizations.

Covid-19 pandemic was no exception. According to Economic Times, 3 in 4 firms saw a 25% rise in cybersecurity threats during the COVID-19 pandemic.

The figures are pretty alarming. According to another report, if we do not take care of cybercrime, it will cost the global economy $6.1 trillion annually! A whopping number that we cannot afford to lose.

Cybersecurity services are in demand more than ever, and many global organizations have started to invest in cybersecurity solutions to fight cybercrimes.

The article will examine how COVID-19 has impacted the online business, types of cyber breaches and what mitigation steps can be taken.

How has COVID-19 impacted cybersecurity?

COVID-19 pandemic made business adapt to work from the model in which the homes became our new offices. Companies started to accelerate their digital transformation, which inevitably invited cybercrimes.

Cyberthreats are constantly evolving to take advantage of online trends. However, the COVID-19 outbreak was no exception, and many companies are still not able to provide a ‘cyber-safe working environment. Many businesses have still not invested in cybersecurity services to protect their companies’ data.

The increase in work from culture calls for effective cybersecurity solutions because of the tremendous cyber risk exposure.

The numbers presented by the FBI are both staggering and scary. According to them, around 4000 reports have been registered. The figures present show a 400% increase after the pandemic.

The FBI is not alone; Microsoft claims that there is an increase in attacks where cybercriminals try to access the system through phishing. Such attacks have jumped to 30,000 in a day!

Cyber attackers view the pandemic as the opportunity to increase their criminal activities by exploiting innocent employees.

Types of cyberattacks faced by companies during the COVID-19 pandemic

1. Malicious Domains

There are billions of domains registered under the term coronavirus and its synonyms. Some of them are legitimate and are created to spread awareness regarding the pandemic. However, cybercriminals eyed this opportunity to create new sites to spread malware. Some websites even ask for money in the name of the pandemic or to leak a virus into the system.

2. Ransomware

The medical industry has been impacted the most by ransomware attacks since they cannot afford to be locked out of their systems amid these health crises. Ransomware attacks hold the computer data hostage until a ransom is paid.

Cybercriminals think they can ask for a massive sum of money for the ransom attack. The ransomware can enter into the systems through emails. The emails contain infected attachments or links.

3. Malware

Malware, spyware and Trojans were found embedded in the fraud coronavirus websites and map. To trick innocent people, spam emails with download links are sent to users. Many people have been infected by malware during the pandemic.

How can companies increase their cybersecurity?

1. Cybersecurity awareness: The first and foremost thing a company should do is spread awareness among the employees. However, it does not promise a long-term cybersecurity solution, but it eliminates the low-level risk. Staff should be briefed about the procedures and how they can regulate the emails and other private data.
2. Increase the antivirus protection: Companies should provide the employees with a licensed antivirus and malware software. In this way, you can protect your employees from basic cyberattacks.
3. Employing home network security: Employees working from home should ensure that their Wi-Fi is protected with a strong password.
4. Make employees aware of the phishing attacks: Tell the employees to check out the authenticity of the sender’s address before receiving any email.
5. Check out the weak spots: All the systems have their weaknesses, and companies should run a check to identify them. Companies should make sure to patch the vulnerabilities soon. Also, you can scan the vulnerability by penetrating the various cyber-attacks to ensure that you have a robust defending system.
6. Frequently review the cybersecurity risk: Companies should regularly evaluate their cybersecurity defending systems to ensure that they have a stronghold on them. The cyber attacks are renewed on an almost daily basis; make sure you have updated your system for that.
7. Start or renew your business cybersecurity services: Executives and managers have to keep the cybersecurity solutions plans active and updated considering the present cybersecurity scenario.
8. Be prepared for the attacks: In such times when cyberattacks are rising, companies are advised to carry out frequent cyber crisis exercises to prepare for any cyberattack.

Are companies prepared for the post-covid-19 cybersecurity risks?

Remote working has invited many challenges in terms of cybersecurity for companies of all sizes. Many companies have not been prepared for an upsurge in cyberattacks and lacked cybersecurity awareness.

Unfortunately, pre covid-19 cybersecurity was not the priority for many organizations worldwide. Still, many organizations do not check whether their devices are equipped with standard security software.

Many companies need to invest in cybersecurity services to ensure that they can implement adequate security measures.

Cybersecurity solutions by reputed cybersecurity companies can be a great asset to businesses. First, they analyze the cybersecurity risks and then form an effective cybersecurity risk management plan.

The Bottom Line

Cybersecurity is always on the agenda in every business meeting but should be given more attention in growing online threats post COVID-19. The pandemic has taught us how to be prepared for anything, and preparation is the success to fight cyberattacks.

Companies that could fight the cyberattacks while working from home successfully will continue to face the threats. In contrast, companies caught off guard by such malicious activities need to address the issue.

There are many ways to reduce the likelihood and impact of such attacks, but still, it requires a focused action aligned with planning. Companies need to ensure that their work from home practices can fight cyberattacks.