For most organisations, remote working has increased their exposure to financial crime and cyber-attack.
This is one of the primary findings of the latest nationwide survey from the Association of Compliance Officers in Ireland (ACOI ), released in advance of their Annual Conference on Thursday November 18. The survey of over 280 organisations looked at the risks posed by remote working to organisational data breaches, financial cyber-crime, and compliance issues. Findings from the 2021 survey were also contrasted with a similar survey undertake at the same time in 2020.
Speaking of the findings Michael Kavanagh, CEO of the ACOI, commented: "While most organisations (54% ) report that working from home does not pose any greater risk when it comes to data breaches and GDPR, 76% say this new way of working does actually present new challenges when it comes to compliance, and 66% say it has increased the risk of cyber financial crime and attack.
"Cybercriminals have adapted their methods to take advantage of the huge increase in remote working systems during the pandemic. The trends towards increasingly networked technologies and cloud computing have accelerated typical financial cybercrime activities such as fraudulent emails, phishing attempts, ransomware attacks, and attempts to steal financial account and payment card details and information.
"A total of 66% of respondents agree that remote working has increased the risk of financial crime and cyberattack - with 14% feeling it has increased the risks considerably - attesting to the threat that cyber-criminals pose in our rapidly changing operational environments. While this figure is down 15% on last year’s result of 81%, it still represents significant threat to the integrity and security of firms that employ staff on a remote working basis."
"On the issue of data compliance, 54% of respondents say that working from home actually poses no greater data breach risk than working in the office. However, given that the remaining cohort (46% ) say the risks are at least slightly higher, shows a divergence of opinion and experience in this regard, with 39% arguing that the risks are a little higher than if everyone worked in the office.
"It’s little surprise that some companies have encountered greater data breach risk as a result of remote working, particularly around data compliance and GDPR. Common compliance procedures that might be affected include the updating of privacy notices and the recording of processing activity. There are also potential confidentiality issues that might arise while not on more secure, workplace servers."
Mr Kavanagh concluded: "Overall, our survey shows that firms do need to remain vigilant and ensure they maintain ‘good housekeeping’ when it comes to their IT infrastructure, digital record keeping, cybersecurity, and their overall digital management strategy. While the onus is on firms to maintain excellent cyber-security and risk management systems, frequent communication and advice on guidance and best practice from regulators is also key to minimising the risks."
