In the final blog of our Cyber Series, in partnership with Cube Global Vignesh Krishnamoorthy, explores the third-party risks presented by the ‘new normal’.
Work from anywhere. Cyber everywhere.
The COVID-19 pandemic forced business leaders worldwide to respond with unprecedented speed and efficiency to the new ways of working, innovating, responding, collaborating, transacting… and surviving. Now, as organizations begin to plan for a post-pandemic world, they must ask themselves, “how can we make new ways of work productive, sustainable, secure, and safe?”
As COVID-19 spread from person-to-person, country to country, and beyond, Cyber delivered the integrity and availability of the networks needed to “work from anywhere” and the confidentiality to transact and transform with confidence across geographies. For the world to continue to thrive in this new remote and virtual environment, even as COVID-19 wanes and surges in various regions, organizations will need to:
Within every industry, organizations face challenges to both support their remote workforce and rapidly adopt online services and customer support channels. To address these challenges, organizations may now rely more on suppliers that provide remote access technologies or support essential services. However, the supply chain also introduces increased risk to these organizations as they serve as an extension of their operations.
Organizations need to understand the full landscape of risk third parties pose including, but not limited to, reputation, business continuity, financial viability, and privacy. From a Cyber risk specific lens, suppliers that lack the appropriate security controls for remote work expose their clients to Cyber-attacks that could compromise data or create system downtime, resulting in operational disruption and financial loss.
To reduce risk exposure from the supply chain, organizations must enhance existing risk frameworks to assess suppliers from a remote risk perspective. Clients should focus on the following three principles to ensure risks in their supply chain are effectively mitigated.
As we are experiencing changes in our societal values, how businesses operate, and what customers demand, many leaders are thinking about the longer-term impacts of the pandemic and how their organization can achieve results in the future. In this new reality, organizations will serve customers differently, engage their workforce through evolving delivery/employment models, and face an increasingly complex threat landscape – and businesses have the opportunity to use cyber as a strategic differentiator to create a resilient enterprise of the future.
Ask the experts On 25th August, the CRTA and CUBE will be hosting an audience-led roundtable discussing the new normal for cyber.