likely to consider huge investments in remote work technologies and cloudbased collaboration tools .
Covid-19 induced digitization of work and services , as well as the harsh economic conditions associated with it , has driven many institutions into some sort of budget reassessment and adjustments . This obviously should favour investments in technology and remote work infrastructure as well as advanced cybersecurity , given the escalating cybersecurity threats . However , any budget cutback that will expose an organization to reputational damage and regulatory non-compliance might be a step in the wrong direction . The case for an increased budget for cybersecurity is premised on its potential economic , reputation / regulatory and social longterm benefits .
It is opined that additional amounts should be deployed to cloud security , data security , GDPR ( General Data Protection Regulations ) related consulting , employee cybersecurity awareness training and the acquisition of information security software and services , as well as advanced cybersecurity solutions ( Staff , 2020 and Hospelhorn , 2020 ).
Covid-19 pandemic has no doubt elevated the “ VUCA-riousity ” of the current business environment by escalating existing and emerging cyber vulnerabilities . VUCA is a trendy managerial acronym used to describe today ’ s chaotic , turbulent and rapidly changing business environment . This term stands for Volatility , Uncertainty , Complexity and Ambiguity . The significant rise in the adoption of cloud-based services is driving up cloud-native threats due to exponential growth in cloud traffic from unmanaged devices and unsecured networks . The ability to re-imagine and create a strong cyber-hygiene culture driven by an adequately trained workforce as well as developing an alternate businessas-usual environment ( Business Continuity Plan – BCP ) that minimizes productivity losses is very essential for survival ( Basnayake et al , 2020 ).
Finally , the possibility of a “ Cyber Pandemic ” is a concern bearing in mind that a 21-day global cyber lockdown could cost the world more than US $ 1 trillion ( Davide & Pipikaite , 2020 ). Hence , the overwhelming need for an agile BCP which should be structured to be able to turn things around rapidly , overcome financial difficulties and cope with distressing situations ( Nimmo , 2020 ). One way of securing a company ’ s business intelligence engine is by predicting , preparing for and preventing potential or possible business disruptions , including cyberattacks in a deterministic and pragmatic way .
References
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