Cyber Insurance and the Rise of Remote Work
Recently, working from home has gained significant traction. When given the choice in 2017 – 2018, about 34.7 million full-time employees chose to work remotely, 24% stated that they preferred it. It helped them with their work/life balance, leisure and community activities. It also boosted their well-being.
This transition may have been all well and good, but there is no denying it has come with its own set of disadvantages. New cybersecurity challenges are appearing every day, which employers and organizations alike must address.
The Cybersecurity Challenges of Remote Work
There’s no denying that working from home has created an easy target for cybercriminals. Unsecured home networks are generally used by employees who work remotely. This makes them open and vulnerable to hacks. Phishing emails have also evolved and become more sophisticated. They mostly target the scattered nature of remote work.
Additionally, there are major security risks attached to using personal devices for work. The average smartphone does not have the required security features installed. Thankfully, however, there are data removal services that help businesses and individuals alike protect their sensitive information.
The Importance of Cyber Insurance for Remote Workforces
Cyber insurance is becoming more important for businesses that have remote workers. It is an essential tool. It reduces any dangers and protects against remote employee carelessness, data breaches and any other form of company hacks.
According to current estimates, corporate insurance makes up most of the market. Also, the cyber insurance industry is expected to explode over the next half-decade. Numbers that were sitting at about eight billion dollars in 2020 are projected to rise to just over 20 billion dollars by 2025.
Data Security Best Practices for Remote Work
There are several ways to ensure the safest outcomes for organisations with employees who work from home. Some companies use Virtual Private Networks (VPNs). They encrypt communications between employees and the corporate network. To safeguard themselves even more, companies also add a layer of protection by using Multi-Factor Authentication (MFA).
Additionally, strict access limits are put into place. Staff members are also trained in crucial cybersecurity best practices. These are mostly identifying phishing attempts and using secure Wi-Fi networks.
The Future of Work and Cybersecurity
Just like everything, remote work continues to evolve. So does the role of cybersecurity. As such, companies must adopt security solutions that are both flexible and adaptable. These will protect both their information and remote workforces. This means making investments in continuous staff training, frequent security updates, and strong endpoint protection.
The goal is to protect sensitive data and ensure business continuity. To keep everything running smoothly a proactive and dynamic approach to cybersecurity is required.