Security & Fraud

Companies See Work From Home As A Security Threat

Data: Cos See Home Workstations As Security Threat

Once rare, telecommuting has become routine during the pandemic.

But the Financial Times (FT) reported moving from a furnished office space to a living room table can present cybersecurity risks. It comes as cybercriminals are already taking advantage of the pandemic.

Hackers find ways into computers, tablets and cellphones to steal data and other valuable information. As more devices connect to the web, it creates more opportunities for these thieves, FT reported

“When everybody has to move to homeworking, everyone has to become their own cybersecurity expert and make their personal network as robust as they can,” Roderick Jones, founder of cybersecurity protection group Concentric Advisors told FT. “Otherwise they risk exposing their corporate information.”

Already, cyberattackers have attempted to exploit the chaos caused by the pandemic.

The International Criminal Police Organization (INTERPOL), the worldwide police cooperation and crime control network based in France, reported 907,000 spam messages, more than 700 malware attacks and 48,000 malicious domains that mention the coronavirus were discovered from January through April, according to FT.

IBM reported the average cost of a single breach for a business is nearly $4 million, according to FT. About 70 percent of the 500 companies surveyed said that they expected remote working during the pandemic to increase the cost of a breach; four-fifths told researchers said they expected it will take longer to notice and secure a breach.

Last month, an AT&T survey of 800 cybersecurity professionals revealed 70 percent of those employed by big businesses said remote working leaves them more vulnerable to cyberattacks, FT reported.

In separate news, PYMNTS reported that bad actors taking advantage of the pandemic has caused a surge in cybercrime and fraud attempts.

Lukayn Hunsicker, vice president of Product Management, Financial Solutions at Feedzai, told PYMNTS financial institutions and other service providers need to step up their fraud-fighting strategies. They not only need to fight crime, but collaborate with the customer to ensure security without compromising the user experience.

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