Recently, video-conferencing firm Zoom has agreed to pay $86m (£61.9m) to settle a class-action privacy lawsuit in the US due to privacy invasion violations, misstating its end-to-end encryption systems as well as failing to prevent hackers from gaining access to sessions.
The COVID-19 pandemic has pushed us all into rethinking our workplace strategy, and how moving forward we can adapt to a modern way of working. As we now live in a world in which everyone’s life is in the palm of their hands with smartphones, tablets, and various other connected devices we are experiencing a worrying increase in cybercriminal activity. We must be more vigilant than ever of these modern-day thieves who are attempting to gain access to our accounts, data, and devices, which causes havoc for many businesses worldwide.
But, with all of these measures having to be put in place, just how important is it to stay connected online using these systems?
- 74% of companies plan to permanently shift to a more remote working pattern post COVID-19
- 85% of all respondents reported that cybersecurity is extremely important or more important than before the pandemic.
- According to Microsoft’s 2021 report, 73% of employees surveyed expressed a desire for flexible remote work options post-pandemic
- As per Gov.UK, 39% of businesses report having cyber security breaches or attacks in the last 12 months
- The global cybersecurity market will be valued at $403 billion by 2027 with a compound annual growth rate (CAGR) of 12.5%, according to Brand Essence Research. The firm states the cybersecurity market was worth $176.5 billion in 2020.
What Does The Future Hold?
The COVID-19 pandemic has resulted in more businesses moving online or adapting a new working pattern that supports working from home or hybrid work. However, as the world further digitises, this will mean a larger and more lucrative playing field for cybercriminals, state actors, and casual hackers. As an ever-increasing number of devices join the digital eco-system this enables greater scope for potential access to those with harmful intentions, which means ensuring the best protection for a company is paramount in the fight against this criminal behaviour.
The Bottom Line
The brazen armed bank robberies from yesteryear have been replaced by criminal entities who can execute their crimes at a scale not only remotely but within seconds. Whether motivated by financial reward, political interference, service disruption, or simply a prank, the war against cybercrime is only just beginning. But, as we see the ‘usual’ office-based 9-5 becoming a forgotten practice for many resulting in more and more companies turning to digital means we must be prepared to combat those who seek to work against us.