In February, ADRS made some predictions about cyber threats, data privacy, the gig economy and new technology, but in February no one expected that the world would be flipped upside down in a matter of weeks. 2020 has definitely changed how businesses operate and how they need to protect themselves.
The impacts from the COVID-19 pandemic along with “expected” industry trends, new technology and cyber security have thrown the cards up in the air, creating unprecedented strategic and operational challenges, so how has the 2020 world crisis impacted our predictions?
What Does the Rest of 2020 Hold?
Increased security threats and data privacy breaches will continue to be major issues for companies of all sizes for the rest of 2020 and into 2021, with the added complexity of having to comply with new state privacy laws and regulatory requirements creating challenges. The gig economy will continue to grow, and new technology will revolutionize industries while inducing new security risks. Here are some examples:
5G will bring incredible new speeds, innovation and real-time connectivity to our devices. (1) However, it will also create a heavier reliance on software and create billions of connected devices. This will cause an increase in the number of attack vectors open to cyber criminals, and therefore also an increase in the number of vulnerabilities that can be exploited.
Companies who will leverage 5G must assess and ensure robust crisis management, business continuity, asset management, patch management and threat prevention (i.e. monitoring, scanning, etc.), policies and procedures.
Internet of Things (IoT)
With more connected devices comes more security risks across an organization’s critical infrastructure, which will be a major vulnerability.(2) Companies must:
- Generate a hybrid security approach incorporating both cloud and edge computing and review physical security for edge computing environments
- Incorporate IoT into the IT sourcing strategy, ensuring a diligent procurement procedure
- Create an IoT asset inventory to ensure a managed decommissioning process.
The Path Forward
Uncertainty continues to persist with respect to business strategy. COVID-19 has forced many executives to drastically change their company’s strategies and operations. The best approach to help mitigate risks is still conducting regular risk assessments to identify gaps and weaknesses in your security, and taking a pragmatic, risk-based approach to reduce the likelihood of any impacts.
If you have any questions or would like to discuss the challenges and opportunities presented by the new business environment, please contact ADRS’ Paul Engelbert, Senior Manager; Russell Safirstein, Partner in Charge; or your Anchin Relationship Partner.
2 Threat Horizon Report – 2022