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Work From Home Vs. CYBER CRIMES


Work From Home Vs.  CYBER CRIMES 

Before this series of lockdowns there had been work from home but that was occasional and only  up to a very limited scale, mainly purpose oriented ;  But, during  the Covid-19 Pandemic and after,  this ‘Work-from-Home’  has become a general feature in mainly IT and many other allied sectors ;

However, lockdown restrictions are easing now but  many companies in mainly financial and  IT  sectors have started telling  their employees that they will be allowed to work from home several days in a week permanently, and the rest of the time in the office ;

In this scenario, centering over work from home, Cyber Attacks are rapidly increasing ; Cyber activities such as phishing, malware and ransom ware grew from  less than 5000 per week in February, 2020 to more than 2,00,000 per week in late April, 2021, as per Financial Stability Board ;


Financial Stability Board (FSB)

This Board which is known as global financial watchdog,  does the function of coordinating the financial rules for the G-20 group of nations ;   As per FSB’s observation, remote working, since economies went into lockdown to fight Covid-19, opened up new possibilities for Cyber Attacks ; Now, working from home is expected to stay in some form or other for indefinite period of time across the financial services industry and beyond ; In these circumstances the financial firms may need to bolster their defenses in the face of rapidly increasing  cyber-attacks  to protect their financial data from being hacked, as per a very recent view of  the FSB ;

Actually, most cyber frameworks could not foresee a scenario of  near-universal remote working and the exploitation of such a situation by cyber threat actors ;  This was the view of the FSB as expressed in a report to G20 ministers and central banks ;

“Financial Institutions have generally been resilient but they may need to consider adjustments to cyber risk management processes, cyber incident reporting, response and recovery activities, as well as management of critical third party service providers, for example cloud services,”  the FSB said ;

(Source : The Economic Times)            





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