Are Mass Layoffs Carrying a Cybersecurity Risk?

Layoffs are difficult, but they do happen.  Every day we hear about another mass layoff taking place. Big giants such as Twitter and Amazon have recently laid off more than 80% of their workforce. But do you know cybersecurity risks can also increase significantly when layoffs happen? 

In a recent CNBC article, a professor from the University of Dallas stated that this year’s layoffs are “different.” According to him, these layoffs could be a marketing ploy but could also be signs of bad times ahead. The cybersecurity risk associated with mass layoffs lies in the fact that cybersecurity measures are often neglected when personnel is cut down. This can leave a company vulnerable to attacks and data breaches, which can be costly and time-consuming to fix. Companies should ensure cybersecurity protocols are considered when planning for a significant decrease in staff members. This blog will look at how mass layoffs could be carrying a cybersecurity risk and how we can ensure better security. 

Cybersecurity Risks in the Aftermath of Mass Layoffs 

Even if your workplace is undergoing mass layoffs, you must remain mindful of cybersecurity risks. When faced with financial hardship due to the pandemic, many businesses are forced to reduce their workforce and scale down operations. However, these mass layoffs could carry cybersecurity risks that often go unnoticed.  

•  Employees can still access the confidential information 

Unless cybersecurity is monitored continuously and vigilantly, companies may not recognize the emerging vulnerabilities in their networks until it’s too late. As employees are laid off or reassigned to other departments, they may have access to confidential information that should no longer be accessible. Businesses will also have fewer resources available to assess cybersecurity risk properly. At the same time, continuing operations – a vulnerability assessment can take time and money, both of which could be scarce following a significant restructuring. 

• Cybersecurity risks associated with remote employees 

During the furlough, the organization also tries to let their limited staff work part-time as a cost-cutting step. But who knows that these steps can also bring some cybersecurity threats along. 

1. Employees working remotely, who are more likely to be part of the workforce and thus be targeted by cyberattacks, may be less likely to report suspicious activity.  
2. Those who are not in the office may not have the same level of awareness about cybersecurity issues as those who work in an office environment or at a remote location.  
3. In addition, there is evidence that some remote workers use weak passwords and need to update antivirus software more regularly than employees who are physically present at their desks.  
4. Cost-cutting measures related to cybersecurity can create security gaps. 

Suggested Reading: Lessons to Learn from Recent Ransomware Attacks on Cloud Services

But how can you detect these vulnerabilities in your system to keep your remote environment protected? 

Vulnerability assessment is key for a secure remote working environment

Vulnerability assessment is a way to determine the weaknesses in your system. It can be done by an outside party or internally, with or without software help. Vulnerability assessments are necessary because they help identify vulnerabilities before they harm your remote working environment. It protects your system from threats that can lead to severe consequences if left unaddressed.  

An excellent way to assess the security of your remote working environment is through vulnerability scans; however, this process isn’t always practical for smaller organizations that don’t have access to large amounts of money for third-party services. The best solution here would be to try out tailor-made advanced Vulnerability Assessment services such as ACE. Businesses can detect emerging vulnerabilities in internal and external systems using vulnerability assessment services from ACE. These security risks can be measured and assessed, and the appropriate resources can be implemented to mitigate them quickly. The risk of cyberattacks and compromised systems can be reduced by identifying the configuration errors and vulnerabilities that cybercriminals may use. 

Suggested Reading: Vulnerability Assessment: The Complete Guide (acecloudhosting.com) 

Some other ways to stay protected while running your business: 

• Using encryption when sending sensitive information over the internet—including emails, text messages, or phone calls to stay protected against hacking attacks. Encryption also ensures that only authorized people have access (and no one who isn’t). 
• Securing remote access via VPNs (virtual private networks) is another excellent way for employees to work remotely. 
• Providing employees with the proper cybersecurity training to combat cybersecurity risks. Companies should provide cybersecurity training to employees with access to sensitive data or systems. 
• Looking into ways of limiting the number of people with access to certain information or networks, as well as enforcing stricter password policies and two-factor authentication whenever possible. 
• Providing employees with resources to ensure their home networks are secure. 
• Ensuring that they are conducting regular security assessments, including vulnerability assessments and the cost of cybersecurity.  

Companies that fail to evaluate their cybersecurity regularly may be vulnerable to attacks or data loss. This is where Managed Security Services takes the lead. 

How can Managed Security Services Help? 

When companies are looking to cut costs, cybersecurity often gets undermined. But it’s also important to maintain sight of these other security risks. Nonetheless, it’s never too late to mend! Although layoffs are widespread and common, they are causing a risk to every company in the world, and you don’t want to be the next target of a cyberattack. It’s time now to think about the cybersecurity that you might be missing at this moment.  

Have a plan in place in case of an emergency, like a mass layoff or a cyberattack. This way, you can protect your business and its customers from any damages caused by such events. Having a managed security service provider for your business can surely help. Managed security services provide comprehensive protection for your network at a fraction of the cost of traditional models. When a team of experts manages your cybersecurity tasks, it frees up your in-house IT team to focus on strategic functions. With 24/7 monitoring, instant support, and the latest security tools, you can rest assured that your enterprise is safe from cyber threats. 

Suggested Reading: 6 Benefits of Managed Security Services(MSS) That You Should know 

Conclusion 

Modern businesses are a reflection of the society they serve. They need to be adaptable and responsive, yet they also need to be careful with their data and systems to stay ahead of the competition. As we’ve seen over the past few years, mass layoffs can be disruptive for organizations at any level—whether it is mid-sized companies going through massive cuts or large corporations having to reorganize around changing markets or consumer needs. However, even if your workplace is undergoing mass layoffs, your company must remain mindful of cybersecurity risks before taking action on this sensitive topic. Managed security services providers can offer cybersecurity solutions tailored to a company’s individual needs and will ensure your company is always protected from cybersecurity threats. A managed security service provider will monitor your cybersecurity systems 24/7, keep track of any changes or vulnerabilities in the system, and take proactive steps whenever necessary.    

With the help of ACE managed security services, companies can rest assured that their cybersecurity is being monitored and protected against any potential attacks or data loss. Our Vulnerability Assessment tool scans and detects threats using AI-ML and cutting-edge technology. Additionally, our vulnerability assessment tool supports robust compliance. Our VA approach makes sure that your IT assets are compliant with major laws and regulations, including HIPAA, NIST 800, PCI DSS, ISO27001, and others. 

Still unsure about a Vulnerability Assessment? Just one free-of-cost security consultation with ACE experts will help you assess current security gaps in your system and tactics to remediate them.