The COVID19 pandemic has had an immense impact on the business processes of several organizations throughout the world. Millions of enterprises had to incorporate digitalization in their business operations; many have to accelerate their digital transformation and convert physical business activities into digital ones. They were pushed to include new IT infrastructures, deploy new applications, and re-engineer their business process to drive towards the digital direction. For business continuity, some of the changes need to be maintained following the end of the COVID-19 era — in the new normality. These newly implemented changes, especially digitalization, also have a long-lasting impact on modern businesses’ security and risk management processes.
Now, ‘Security’ and ‘Risk Management’ are the two most crucial aspects of business operations as well as business continuity. You need to be very concerned about identifying valuable business assets, determining the potential risks and threats, and evaluating the likelihood of events that could trigger the materialization of the identified threats. It is also essential to determine the criticality of the events and their impact on the business health and growth. And, only after proper evaluation of risk factors, you can develop appropriate mitigation plans to deal with them. To survive in the post-COVID 19 era, security and risk management processes must consider the latest business operation threats that are characterized by increased digitalization, changed work environment, latest business models, and altered work patterns. Here are some of the prominent changes in business patterns that can affect security and risk management in the post COVID19 era.
Decentralization of Security Management System
In earlier days, security functions were centralized and meant to protect assets and data within an organization. The main focus was to create a secure perimeter around the organization to keep everything safe inside and stop outsiders from invading and attacking the enterprise. Though, some additional measures were there to protect the organizations from insiders’ attacks.
Since the pandemic has spread, organizations have implemented large-scale remote work practices, including policies that boost remote interactions and collaboration with business partners. So, creating a secure perimeter is not enough to secure the IT infrastructure, data, and assets. Now, organizations are driven towards decentralized approaches for securing assets. They focus on remote security infrastructure management systems that account for remote workers and the assets they manage. For sustainability, organizations need to focus on the security and risk management of this decentralized environment.
Flexible Security Policies
An appropriate security policy is a crucial asset of modern organizations to provide guidelines to employees, clients, and other stakeholders to keep all business assets safe and secure. It usually takes a significant amount of time and effort to prepare an all-inclusive security policy and ensure everyone abides by it. But the pandemic has made an abrupt change in the work culture due to COVID 19 measures and restrictions. Now, organizations have to rely on remote work culture for business continuity. To work with a distributed workforce, they have had to revise their security policies to make that suitable for remote working practices.
After the successful implementation of remote working culture, many companies have already planned to retain this flexible working pattern and behaviors. So, organizations need to be flexible in terms of their security policies as well.
In the pre-pandemic era, there were only a few companies like Automattic, GitLab Inc., etc., that started and operated as virtual organizations. But, in the current situation, multiple organizations have to accept this virtual working culture. To get the advantage of globalization, several organizations choose to operate virtually – without any geographical and administrative boundaries. Cutting-edge technologies allow organizations to virtually collaborate and work from different parts of the world and run production, operations, sales, marketing, and accounting efficiently, without any complication. COVID-19 crisis has fueled the acceptance of the virtual working model. With this virtualization, several organizations have become more flexible and location independent.
Virtualization of organizations provides plenty of opportunities but also comes with new risks. So, virtualization plays a crucial role when doing modern enterprises’ security and risk management processes.
Integration and Consolidation
The pandemic has accelerated the rate of digitalization in many organizations, leading them to deploy several new IT applications to improve business processes. It has also led companies to rethink and revise their existing processes to optimize operations and reduce costs. To get the desired outcome, many organizations have integrated and consolidated their security systems. Instead of managing different systems, vendors, and processes, they have chosen to integrate existing systems into more unified security platforms.
Most likely, this consolidation will be continued during the post-pandemic era, as it leads to several business benefits. Companies that have already started the consolidation of their security systems are preferred to this integration journey as well.
Integration of Effective Measures for Privacy and Data Protection
Data is always a crucial aspect for organizations. Therefore, modern enterprises place privacy and data protection at the top of their security and risk management agenda to secure sensitive business data. In this direction, companies are looking for emerging technologies for secure and confidential computing, like edge computing, homographic encryption, and federated learning. These technologies will empower the implementation of effective measures to mitigate privacy risks.
The pandemic made people to perform most of their transactions through digital channels. To support this crucial change in process, organizations have had implemented technologies supporting end-to-end digital processes. They need to implement a unified identity management process across different systems. This will enable organizations and consumers to securely share and access information through trusted channels. In this context, organizations have to rethink and prioritize identity management as a core security function. To have an effective security management process for the coming years, organizations have to definitely consider the identity management processes and incorporate them as well.
The pandemic has definitely accelerated the digitalization of organizations and made them rethink and rebuild their processes, including security management, risk management, and business continuity processes. To improve your business process and make them compatible with the post-COVID 19 era, you can take help of the IT infrastructure consulting services. They can help you establish an appropriate security and risk management infrastructure and policies for your organization.