29th March 2021
Many large companies are set to continue working from home for the foreseeable future and are changing their entire working practices to allow remote and flexible working for their employees. Nationwide is the most recent household name who have announced that their 13,000 office-based staff will be permitted to work ‘anywhere’.
Whilst home-working has many benefits, such as a reducing costs and allowing for flexible working, there are some drawbacks to consider such as mental health concerns, lack of team-working and the increased risk of cybersecurity risks.
Companies had to quickly adapt to avoid becoming one of the casualties of the covid-19 pandemic. Workplaces were forced to send employees to work from home with little time to prepare. This meant dishing out laptops, mobile phones, software packages and licences with little time to prepare or pause to consider the risks involved.
Hopefully once businesses settled into their newfound situation a review of risks would have been carried out to ensure they are protecting their valuable business data.
Businesses are always at risk from cybersecurity attacks and as cybercriminals only become smarter in their ways, this risk will continue to increase. Cybercriminals have wasted no time in exploiting the weaknesses and businesses are encountering threats regularly.
There are benefits to having all your workers and computers in the same building and connected to the same server with IT personnel to hand. It makes educating employees and responding to any risk or breaches much easier to manage.
Once you have several employees all working from different locations, on different devices and at different times of day, your risk is significantly increased. Some of the risks may include:
Financial Risk: A cybersecurity threat can be extremely damaging to your business. It can result in substantial financial losses if criminals are able to access your financial information, make thefts, disrupt your trading and result in you losing major contracts or customers.
Reputational Risk: Many businesses rely on trust and integrity in their working relationships with customers, suppliers, and stakeholders. Cyber attacks which result in the leaking of private or sensitive information can erode trust, create poor PR and break down relationships.
Legal Risk: Data Protection and Privacy laws require businesses to carefully manage the security of personal data that they hold. If this data is compromised and the business failed to comply with reasonable security measures, they could face large fines and regulatory sanctions. Some businesses could be struck off completely.
There are some simple steps that business can take to protect their businesses from cybersecurity risks. Even the most resilient of businesses can find themselves open to an attack.
If you require legal support in relation to cybersecurity, you require a review of your policies and procedures or your company has been through some structural changes that need to be addressed, please get in touch with our Company & Commercial team at Lamb Brooks.
Call us on 01256 844888, email firstname.lastname@example.org or speak to our online Chat Assistant who can take your details and ensure that one of our lawyers calls you back at a convenient time.
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The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.
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