How can you stay on top of the changing cybersecurity threat landscape in 2021? In this article, we will cover the latest COVID-19 cyber and fraud challenges.
Read on to learn more.
Fraud and cybersecurity concerns are changing. Primarily, the COVID-19 pandemic caused these changes. For one, it shifted the whole cyber threat landscape.
Employees also have to adapt to a new working environment. But, it also displaced the attack surface. So, many IT teams are facing pressure and operational strain.
For instance, phishing scams increased in volume during the pandemic. And in one way or another, it affected the corporate systems of the victims.
In countries like the UK, though, there has been an overall reduction of scams. Reports say that fraud cases to the government’s Action Fraud unit decreased by 18%.
So, the impact on the financial sector was unexpectedly moderate so far. Many banks also have not reported a spike in fraud losses.
Still, the moderate impact may not be temporary. Like many of us, lockdown measures forced cybercriminals to rethink their operations. And now, they adapt to the new normal of attacks.
Cybersecurity Threat Landscape in 2021
Recalibrate fraud controls
For retail banks, social distancing and lockdown measures changed customer behaviors. And that also has an impact on fraud controls.
For example, sport betting payments decreased because sports matches were canceled. At the same time, it lessened the triggers to cyber risk flags.
On the other side, many customers now use online and mobile banking globally. So, attackers try to target that now.
In response, banks relax some fraud controls related to cash. Now, they enforce controls that are connected with online access to accounts.
Cyber and fraud risk
Because employees now work from home, on-site IT teams now have to support systems remotely, too. The protection they once had in offices can no longer protect them otherwise.
Of course, good cybersecurity starts with maintaining good practices for customers and employees. Still, IT teams need to prepare for worst-case scenarios.
For one, they should continually monitor the situation. They should also prepare answers to questions of financial regulators.
IT experts may even need to retain evidence. So, they can mitigate cyber and fraud risks. As a result, they can address gaps in controls caused by the pandemic.
Cybersecurity under pressure
Both in consumer-facing and internal settings, challenges in operations affect risk and compliance teams. Now that countries’ economies are experiencing a downturn, lending activities increased.
But, it can also increase instances of fraud and financial crime. For example, there has been a rise in identity fraud, first-party fraud, and money laundering activities.
Most employees in the IT departments are also facing pressures because of these concerns. So, companies should gauge staff attitude and mental health. It’s also critical now to make sure they’re being heard.
Preparing for the New Normal of Cybersecurity in 2021 and Beyond
True, some aspects of the COVID-19 pandemic are temporary. But, the changes it caused may be here to stay.
So, as you recover from its effects, think about new security controls. Then, integrate new processes that can secure your organization.