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Cyber Crime in 2020 and How to Protect Your Organization: Coronavirus Disease (COVID-19) Risk Advisory

March 13, 2020

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With heightened tensions overseas, pandemic worries, and new vulnerabilities being exploited, cybercrime has permeated every aspect of our lives. By committing to cybersecurity as a priority at the beginning of the year, organizations can focus on being more vigilant and better prepared to evaluate their potential risks. Cybersecurity awareness should apply to all aspects of our lives both at work and in our home environment. It seems especially poignant when the Cybersecurity and Infrastructure Security Agency (CISA) of the Department of Homeland Security have issued an alert: “Potential for Iranian Cyber Response to U.S. Military Strike in Baghdad” and “Defending Against COVID-19 Cyber Scams.”

Cybersecurity is Evolving

The CISA recommends:

  • Vulnerability Mitigation – Understand your organization’s software vulnerabilities. Make sure that the software is up to date and patched regularly.
  • Incident Preparation – We have fire drills for a reason. It’s important to implement an Incident Response plan and customize it to your organization. Cyber education and training for employees are critical as well.

In addition, here are a few recommendations from the CISA; however, it is important to consult with a Cybersecurity professional for more information.

  1. Disable all unnecessary ports and protocols
  2. Enhance monitoring of network and email traffic
  3. Patch externally facing equipment
  4. Log and limit usage of PowerShell
  5. Ensure backups are up to date

Unfortunately, cyber incidents will continue to occur and the threat landscape continues to evolve. If you are interested in additional information on preventative steps, please review my previous post, “Threats and Trends in Cyber Crime: How to Protect Your Organization.” As your organization continues to evaluate and mitigate its risk, it is also important for Cyber insurance to be a vital aspect of risk transfer. If you have a policy in place now, it should be evaluated critically each year because of the rapid rate of change. It is important to work with a cyber broker that knows the difference.

If you have any questions about what policy should respond or if you have adequate cyber coverage, please contact me here to further discuss.

Lacy Rex
Cyber Strategic Leader

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Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy.