We’ve discussed various ways the COVID-19 crisis could impact our technology, operations, and security concerns – but what about our people? Many of the staff now working from home have never done so before. Most were unprepared for their home to become their full-time office, and each employee has a unique situation with varying concerns and impediments.
In our previous post on the coronavirus remote work era, we discussed some technical and security factors that treasury needs to make sure they have covered as they send workers home. In this second post, we’ll talk about the challenges of continuing remote work, focusing on three areas: 1) backup plans, 2) extending the business continuity plan, and 3) capturing the gaps.
In what has been called a mass experiment in remote work, attempts to mitigate and slow the spread of coronavirus have led many companies to ask or allow their employees to work from home for the first time. Remote work, however, involves different considerations for different departments. Treasury’s considerations are complex, and neglecting proper setup can lead to problems.
In the final quarter of 2018, the average payoff amount for retrieving files encrypted in ransomware attacks was holding steady around $10,000. Early in 2019, the number began to rise, and only six months later it had quadrupled at $40,000. In 2019’s final quarter, the average amount was $84,116, and as if to warn that this number wasn’t going to drop anytime soon, the month of December saw the average rise to an unprecedented and shocking $190,000.
Much as we all wish they would, cyber criminals are not sitting on their hands. While these groups and individuals are anything but admirable, we could stand to learn a few things from them in terms of creative innovation, adaptability, persistence, and patient commitment to goals. Our posture, while defensive, must be no less active and intentional than theirs, or we will inevitably fall behind and leave our organizations open to attack.
This new year, Strategic Treasurer is challenging everyone – itself as well as others – to “go strategic,” but the phrase is more than a clever play on the company name. So, what do we mean by it?