{"id":2170,"date":"2020-05-15T19:01:58","date_gmt":"2020-05-15T11:01:58","guid":{"rendered":"https:\/\/www.pacificprime.sg\/blog\/?p=2170"},"modified":"2020-05-15T19:01:58","modified_gmt":"2020-05-15T11:01:58","slug":"covid-19-how-organizations-can-protect-against-cyber-risks","status":"publish","type":"post","link":"https:\/\/www.pacificprime.sg\/blog\/covid-19-how-organizations-can-protect-against-cyber-risks\/","title":{"rendered":"COVID-19: How organizations can protect against cyber risks"},"content":{"rendered":"

The COVID-19 pandemic<\/a> has disrupted our daily lives and standard business practices. As more organizations and workforces work remotely than ever before, the opportunities for cyber attacks and abuse are heightened. Cyber risk is the second most concerning risk for global commerce, which is not surprising if you think about the increasingly digitized world we live in. With less than a 1% probability of catching a cybercriminal, cyber risk poses a very real threat to organizations and individuals. In this Pacific Prime Singapore article<\/a>, we\u2019ll cover how organizations can protect against cyber risks.<\/p>\n

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\"Corporate<\/a><\/p><\/div>\n\n

Types of cyber risk<\/h2>\n

Many organizations are now working entirely remotely to comply with guidelines set out during the pandemic. Unsurprisingly, cyber attackers are using the coronavirus to their advantage. By deploying their malware, these attackers put themselves in a position to capitalize on the novel remote workforce.<\/p>\n

Before we take a look at how organizations can protect against cyber risks, it\u2019s important to understand the different types of cyber risk. There are three main types of cyber risks, including privacy risk, security risk, and operational risk.<\/p>\n

Privacy risk<\/h3>\n

Privacy risk has to do with the contractual indemnities and regulations that are part of your consumer\u2019s privacy rights, or other contractual entities. These days, privacy legislation describes consumer rights in regards to collecting, processing, storing, and using data through laws like the General Data Protection Regulation (GDPR). In addition, more organizations are applying contractual controls to protect their interest when it comes to privacy.<\/p>\n

Security risk<\/h3>\n

When people think of cyber risk, security risk is usually the one they\u2019re thinking of. As the name indicates, this risk involves a security occurrence that could damage an organization. Some examples of security risks include a data breach, a malware attack, or a phishing attack. These types of incidents can have both monetary and reputational consequences.<\/p>\n

Operational risk<\/h3>\n

Operational risk occurs when a business is dependent on technology for offering services and generating income, and would, therefore, be negatively affected by a disruption or hack. For instance, if a specific technology is required to complete a mission and it is unavailable or access is impaired, the interruption could result in financial losses.<\/p>\n

It is worth noting that the three primary types of cyber risks can overlap. Ultimately, a security incident may call attention to security risk in an organization and eventually cause operational or privacy risks.<\/p>\n

Increased vulnerabilities caused by COVID-19<\/h2>\n

The remote and decentralized working circumstances caused by COVID-19 increase the risk of several types of attack, such as:<\/p>\n