Covid-19 Has Further Evolved The New Security Risk Management Paradigm

Courtney Adante, President, Risk Advisory and Brendan Johannsen, Vice President, Teneo
Originally published in the April | May 2020 issue
  • An extract from Teneo’s Vision 2020 publication

In 2019, when we set out to identify the most poignant security challenges confronting businesses for 2020, we could not have envisioned the unprecedented impact that the novel coronavirus (Covid-19) pandemic would have on every facet of modern life. This chapter was originally written as part of Teneo’s Vision 2020 publication, but we would be remiss not to recast our viewpoint through the lens of the Covid-19 pandemic. As businesses rush to establish new protocols in this environment, the sheer amount of information and situations to consider have forced many companies into a reactionary position that challenges them to consider the full range of impacts that Covid-19 will have on both current and future operations. 

While companies are understandably focused on how the disease will impact their office environments and operating models, less obvious are the ways Covid-19 has irreparably changed or exacerbated the range of security challenges confronting businesses today. To survive and thrive, it is imperative that businesses understand that the threat landscape today is evolving at an extraordinary pace. 

The proliferation of emerging technologies and heavy reliance on social media as a primary news and information source – accelerated by Covid-19 – have created unforeseen and increasingly complex security challenges in both the cyber and physical domain. Organizations will need to address this dynamic by implementing a new security risk management model that replaces the traditional reactive, one-size-fits-all approach with a more targeted, proactive and anticipatory methodology; this new approach should focus instead on ensuring an organization’s ability to identify and mitigate potential threats as well as quickly respond to and recover from events as they materialize. 

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