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What COVID-19 means for industry at large

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The COVID-19 pandemic has changed temporarily, and possibly forever, the way we view and conduct business. Millions across the globe are feeling the effects of the coronavirus (COVID-19) outbreak. The stock market has plummeted. Store shelves are often bare of essential items. We can’t deny the fact that, COVID-19 will change our ways of working, including the impact on outsourcing and offshoring of jobs.

 

The global economy is staring at another recession as the novel coronavirus pandemic has forced businesses across the world to suspend operations. Sectors such as automobiles, real estate and banking seem to be having a difficult time ahead of them. At the same time many large and small organisations have adopted new technologies such as software- as-a-service (SaaS) solutions, increased cloud-based storage and the use of third-party vendors in record time to continue to support their customers. While the  SaaS solutions mentioned above, or the cloud itself, are not inherently less secure, however the  concern arises from the fact that due to the conditions the pandemic has created, most organizations are adopting them in a hurried fashion, and they are often forced to do so while relying on fewer resources in terms of both personnel and revenue thereby multiplying the risk.

 

Uncertainty surrounding the duration of these conditions clouds any insights into how a recovery could unfold for the industry. Indeed, many beleaguered companies in manufacturing could be eligible for government stimulus support. But there is a real possibility that the crisis will result in bankruptcy for some manufacturers, as declining demand, production and revenues, along with debt obligations, take their cumulative toll. 

 

Secondly, I would say awareness is the best way to educate in a simplified manner…

You communicate with your team many times a day. Texts, emails, phone calls, instant messages, you name it. Collaboration happens at a fast pace, and it happens constantly.

The default for workplace communication — especially when many are working remotely — has always been email. Have you ever considered why? Sure, in the dial-up days, email seemed earth-shattering. But nowadays, email has become more of a liability than an asset.

Not sure where the liability lies? Here are some stats from last year:

  • Half of the cyber crimes in 2019 were attributed to Business Email Compromise (BEC) and businesses lost an estimated total of $1.77 billion.
  • 76% of businesses reported they had been a victim of a phishing attack in the last year.
  • 85% of all email attachments are damaging to the end-user.
  • Hackers targeted 83% of large companies using email attacks last year — an annual increase of 40%.

Email may be widely used, but it is widely utilized by hackers as well. If you want your company to thrive and keep your sensitive data safe, it might be time to ditch email as your default communication mechanism.

 

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