CYBERSECURITY

With great technological advancement comes great risk. Given the mass of financial transactions are now done completely online, along with the core of business strategies, there are plentiful opportunities for cybercriminals to try to steal assets and cash.

There is no easy fix to this given that the figures that private companies, security firms and governments can offer cyber-experts simply do not match the figures cybercriminals can earn through illicit means. To offer an idea into the scale of this issue, according to Cybersecurity Ventures, the cost of cybercrime is predicted to hit US$8 trillion in 2023, growing to $410.5 trillion by 2025. This figure is so large, that if cybercrime was a nation state, it would have the third largest GDP in the world.

Cybercrime went up a gear during the recent global pandemic when cyber criminals took advantage of misaligned networks as businesses moved to remote work environments. In 2020, malware attacks increased 358% compared to 2019. From here, cyberattacks globally increased by 125% through 2021, and increasing volumes of cyberattacks continued to threaten businesses and individuals in 2022. This all begs the question, what can we do about it in 2023?

Here are several key steps any modern business can take to deal with cybercrime. Firstly, it is imperative to invest in training. Cybersecurity training is a modern-day necessary expense, and it should always be ongoing to ensure that your team are up to date with potential threats and how to avoid them. Given the tactics and techniques of cybercriminals are always changing, it pays to stay up to date, as what worked last year, won’t this year. So, whether it’s implementing in-person seminars at your office or setting online training courses for your team to complete, it’s important that the training covers all aspects of cybersecurity that they need to be aware of, from identifying phishing scams to knowing who to approach if they fall victim to an attack.

Another key step is to regularly update systems. Out-of-date software can leave gaps that render your information vulnerable to attack from cyber criminals. Ensuring that you are regularly updating your system, applications, and programmes can prevent cybercriminals from taking advantage of patchy software to gain access to your data.

Finally, another major step is a focus on mobile device management. With business no longer being tied to a physical premises, your team will be accessing data from a range of devices including mobiles and laptops. It’s important to keep control over your business mobile devices, by implementing mobile device management solutions that prevent business-critical data from being stolen, hacked, or lost via a mobile device.

Recent years have marked a major change in social and cultural attitudes, with a new generation of workers having high standards when it comes to fair and equitable treatment of people no matter their social, cultural, ethnic or gender background. This entered the corporate sphere in a major way, meaning those who fail to ensure they are living by such standards risk a public relations nightmare.

Following on from this, we’ve seen major corporations around the world invest heavily into programmes that offer fast-track growth strategies for disadvantaged groups, as well as marking time for cultural understanding and emphasising the role of women in the workforce.

Many workplaces today focus on ‘DEI’ instead of diversity and inclusion (D&I). DEI stands for ‘diversity’, ‘equity’, and ‘inclusion’, with equity now just as crucial as D&I in several global companies. Equity in the workplace refers to fair and impartial processes and outcomes for each individual in the company. To ensure fair and impartial processes and outcomes, leaders and employers need to be mindful of the challenges, barriers, and advantages