Growing Cyber Risks Revealed by Aon in Wake of COVID-19 Outbreak

Aon has today warned of the growing cyber risks facing companies in Ireland as leaders continue to activate business continuity plans as their employees work remotely in response to restrictions in place during the current COVID-19 crisis.

The professional services firm has highlighted three critical cyber risks which have emerged directly as a result of the COVID-19 outbreak.

1. Phishing emails posed as COVID-19 alerts

Aon has identified a marked increase in phishing emails posing as COVID-19 alerts as malicious actors take advantage of the fear created by the virus. These emails to employees typically contain unsafe attachments which purport to offer information about the outbreak or updates on how to remain safe.

2. Accessing data via unsecured networks and devices

Understandably businesses are experiencing an unprecedented amount of traffic accessing the network remotely with work from home devices quickly emerging as a weak point in the network security chain. Due to the swift move to remote working, many employees are accessing sensitive data via unsecured networks and devices – putting both the business and its reputation at risk.

3. Increasing risk of business disruption

The limited focus on pandemic risk in recent years has resulted in some companies being unprepared for the current crisis. In Aon’s latest Global Risk Management survey, pandemic risk was identified by leaders as only ranking as the 60th most prominent risk to the business community last year.

In some instances, business continuity plans have not considered how a global virus could impact connectivity and cybersecurity. A lack of preparedness increases both the impact of a security breach on a company and its operations.

To help mitigate the risks associated with these threats, Aon is recommending businesses in Ireland:

— Run a simulated spear-phishing campaign to demonstrate the level of resilience to these attacks and to test security best practise amongst teams.

— Put in place sophisticated virtual private networks (VPNs) to ensure safe access to sensitive company data.
Ensure a cyber insurance policy is in place to help cover the costs of engaging experts to investigate and address any breaches that may take place.

Rory Moloney, Global CEO –Aon Risk Consulting said: “In a few short weeks, COVID-19 has completely changed how we all live, work and do business. While the priority for everyone is to protect the health and wellbeing of one another and those within the community, there is also a need to protect your business so that it can continue to operate through the current crisis. With many employees now working from home to limit the spread of the virus, companies have become totally dependent on IT networks and systems. At this time of unprecedented digital dependency, cyber risks are quickly evolving.”

“We are seeing a rise in cybercriminal activity and the numbers looking to exploit the fear caused by the current crisis. They are targeting vulnerable employees. Leaders need to make their staff aware of this risk and enhance their resilience. The volume of people now working remotely has left many companies exposed to data breaches as an ever-greater number of devices accessing company networks. Security breaches will result in downtime and costs that can be easily avoided.

“From speaking to employers in recent weeks, many are struggling to identify and manage the immediate risks facing their business with cyber risk a clear priority to ensuring they can remain open. They are not alone. 6 in 10 companies globally do not have a process in place to help identify cyber and other risks facing their business.

“Today we’re encouraging businesses to reach out for help in order to keep pace with the complex and changing set of cyber risks they now face. Far too often, cyber becomes a priority only after a cyber incident has occurred. To better prepare against attack and risks, companies need to continually assess their risk profile, identify any gaps in their systems and proactively manage their defence.”

For more information on the cyber risks now facing businesses in Ireland, visit https://www.aon.com/risk-services/professional-services/cyber-risk-implications-of-the_coronavirus-outbrea.jsp.