A surge in computer-enabled crimes amid radical lifestyle changes ushered-in by the so-called new normal is probable.
The warning was issued on the heels of the United Coconut Planters Bank (UCPB) heist which was referred to as a “foreshadowing of things to come” as business enterprises and the general public became increasingly dependent on the internet.
Oscar Visaya, country manager of Palo Alto Networks, a cyber security firm, said the shift to the work-from-home arrangement, coupled with an explosion in online businesses since the pandemic restricted travel, was a boon for cyber criminals.
He said many firms jumped into the new normal bandwagon unprepared to fend off sophisticated cyber criminals mainly because of their ignorance of basic “cyber hygiene”.
Criminals need not be in cahoots with company insiders to pull off a successful cyber bank heist because “unwitting moles” are aplenty, he said.
Negligent employees using a company issued laptop for personal surfing or one who remotely logs into the company system using a virus-laden device can provide hackers with a way in, he added.
Visaya revealed that a survey conducted by the company in July this year but conducted February this year indicated that many corporate executives are confident they are adequately protected against cyber attacks, indicating a disconcerting level of complacency despite the rising threat.