Cybersecurity and Fraud Protection
5 Steps to Improve Risk Assessment and Business Resiliency
The COVID-19 pandemic has provided many lessons in risk assessment and business resiliency. Here are five best practices to consider as you develop strategies to protect your organization.
JPMorgan Chase, like many organizations, applied resiliency strategies to help protect its employees, clients, processes, and infrastructure in response to COVID-19. As businesses continue to operate with a mix of in-office and remote working, you may need to engage additional resiliency strategies to avoid disruptions to business operations and services.
Don’t separate resiliency processes for on-site and remote workplaces—they’re permanently connected now.
Whether your organization’s current remote work environment ends with the global pandemic or continues on as a strategic option to optimize real estate and support employee flexibility, resiliency planning for systems and facilities must be ready for any scenario. Many organizations have had to adapt quickly to maintain the integrity of operations and controls in a remote work environment. These new processes may remain relevant as companies work to identify risks and weigh future changes in their physical and virtual work environments.
Assume cyberattacks will continue to impact businesses at a greater frequency.
The FBI issued alerts urging organizations to increase their vigilance as fraud schemes and cyberattacks rose during COVID-19. Fraudsters may continue to seize on the potential chaos caused by the crisis and the resulting displacement of employees, vendors and customers. Maintaining your control standards and heightening employee vigilance is essential during times of disruption.
Support new digital processes with greater vigilance.
When organizations were forced to adopt digital processes, cost savings and efficiencies emerged. However, data risk and cyber threats rose as well. The need to protect your data and the security of your technology infrastructure will likely grow in importance as remote work continues and new digital solutions enter the marketplace.
Prepare your compliance function for cyber risks.
With the increased regulatory compliance around maintaining secure data systems, you may need to adopt robust resiliency planning strategies. Start by engaging a cross-functional team that includes legal, compliance, finance and information technology departments. This may help you evaluate ways to secure data in the event of a breach that could result in costly penalties and fines, as well as reputational harm and disruption of normal operations.
Make enterprise-wide cross-training and communications planning a priority.
At many organizations, remote work and changing priorities have triggered new flexibility in roles, responsibilities and problem-solving. Constant training, testing and better communication methods have served many organizations well, and they will continue to empower workers to spot potential risks and build greater resiliency for their organizations.
Planning to bring employees back to the office?