Cybersecurity in a Post Pandemic Business Ecosystem - Part 1

 Over the past two years, the business world has experienced unprecedented impacts from the pandemic. While the rapid shift towards digitalization had its benefits, it also brought forth a new wave of opportunities for cybercriminals to exploit. As a result of the widespread adoption of digital tools in both business and home settings, the attack surface has greatly expanded, leading to more frequent and costly cybersecurity incidents. This has pushed cybersecurity organizations to take a more proactive role in innovating top of the line solutions.

A recent article from the World Economic Forum reports that the use of video conferencing tools globally has increased ten-fold during the pandemic. However, since even the best video conferring tools often involve personal laptops, home internet networks, and public VPNs, the need for a comprehensive security system addressing these devices has become increasingly urgent.

Rather than prioritizing the implementation of proper security measures in the new hybrid model, many organizations were primarily focused on survival. Maintaining business operations, ensuring access to corporate information for employees, and uninterrupted service for customers were prioritized over investing resources and efforts in protecting against potential threats.

As we begin this three-part blog series on Cybersecurity in the Post Pandemic Business Ecosystem, today's focus will be on examining the state of the business ecosystem following the pandemic.

The Exponential Growth in Cyberattacks

Statista reports that a surge in cyberattacks has been observed since the onset of the COVID-19 pandemic, particularly in the areas of data leakage and exfiltration. Such breaches involve the unauthorized deletion or transfer of data, either by a perpetrator or malware. Business around the world are recognizing the need for robust solutions from cybersecurity organizations.

However, the limited approach to cybersecurity measures has opened various vulnerabilities, allowing hackers and malicious actors to target organizations' weaknesses. The widespread adoption of digital tools resulted in an enormous amount of data being created, stretching company networks and leaving them more exposed to cybercrime than ever before. This has led to the emergence of interconnected businesses, providing a new pathway for cyber threats and attacks and organizations today need comprehensive corporate security solutions more than ever.

The global pandemic caused significant disruptions across various industries, leading to widespread changes in the way people worked and lived. To adapt to the situation, businesses had to quickly embrace digital models to continue serving customers who could no longer engage in face-to-face interactions.

In order to create pandemic-proof resilience for business units, products, and service lines, organizations had to make careful decisions regarding their resources and investments. However, navigating the tumultuous environment during the initial months proved to be challenging.

The following are several significant changes that were observed:

Extended Digital Networks

The business digital network has expanded resulting from people using different devices and networks to access corporate ecosystems which are increasingly becoming cloud based. This has also increased the need for cloud-based security solutions.

Scattered Workforce

Workspaces have grown to become scattered, as remote employees work from various locations, including homes and offices.

Blurring Boundaries

The physical boundaries of work having diminished, employees are no longer restricted to enterprise networks but use home and public VPNs further burdening the security access control software.

To protect business assets, ISVs and enterprises require comprehensive security and compliance management systems. Xoriant provides security services with decades of experience and cutting-edge tools and technologies to protect assets, including legacy systems, cloud-native, and mobile apps.

Deploy a digital business transformation platform to enable vulnerability management, end-to-end security guidance, cloud-oriented solutions for security and compliance assessments, real-time monitoring, and prompt remediation.

In the upcoming installment of this blog series, we will examine the cybersecurity obstacles present in the post-pandemic business landscape and best practices for enterprises to establish cyber resilience.