As businesses adapt to the “new normal” of extreme uncertainty caused by the COVID-19 pandemic, countless employees are faced with the prospect of working remotely in a variety of new (and sometimes less-than-secure) environments. Cybercriminals have taken notice.
Privacy laws require that personal information is at all times protected by appropriate security safeguards, and this requirement will continue to apply in connection with COVID-19 work-from-home arrangements
The malevolently-inclined are getting more ambitious (a 2014 study by the Ponemon Institute that evaluated security-breach costs in the retail sector suggests that average size of a breach is about 30,000 records) and more damaging (average loss is now about $105 per stolen record). The same study estimated that the average cost of a cyber-crime for the retailer is about $3.15-million. These are average numbers only: recent large-scale retail breaches have involved records in the millions, with costs similarly increased. Although the article was written before the holidays, the tips provided are still very useful to manage the risk of security breaches.