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UOB's Chan: "Companies need to step up cyber risk safeguards amid shift to hybrid working"

As hybrid working becomes more commonplace, organisations are grappling with the challenges of putting in place practical and secure remote working arrangements as well as risks from increased reliance on technology and having less control over the work environment

May 04, 2021 | Chan Kok Seong
  • New risks are here to stay
  • Building a strong risk culture
  • Ensuring a resilient workforce

The protracted COVID-19 pandemic is no longer just a disruption to work but has transformed permanently the world of work. As we process the learnings from 2020 to prepare for a pandemic-resilient workplace, the future of work is shaping into a hybrid model that optimises employee flexibility, autonomy and performance across locations. 

While much attention has been focused on enabling virtual teams through technology, it is important to balance the risks of remote working with productivity and agility. A paper recently released by the Monetary Authority of Singapore and the Association of Banks in Singapore identified two key categories of risks for financial institutions. These are operational risks and people and culture risks, which all companies across sectors should note as they digitalise their businesses.

How might companies better manage these emerging risks as they grapple with the reality of remote working in the digital age?

New risks are here to stay

Organisations will need to confront the technological, operational, legal and compliance risks which arise from a hybrid work model. A change in an organisation’s control environment – such as when the majority of its employees perform their roles remotely – can introduce additional information and security threat factors.

For example, virtual workplaces can be at risk of increased cyberattacks on an external network, potential leakage or misuse of confidential information, identity theft and employees circumventing work processes and controls against compliance guidelines.

In a virtual work setting, enabling employees’ remote access to internal systems is a requisite. Companies must find a balanced and measured ...

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Risk and Regulation

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UOB's Chan: "Companies need to step up cyber risk safeguards amid shift to hybrid working"

As hybrid working becomes more commonplace, organisations are grappling with the challenges of putting in place practical and secure remote working arrangements as well as risks from increased reliance on technology and having less control over the work environment

May 04, 2021 | Chan Kok Seong
  • New risks are here to stay
  • Building a strong risk culture
  • Ensuring a resilient workforce

The protracted COVID-19 pandemic is no longer just a disruption to work but has transformed permanently the world of work. As we process the learnings from 2020 to prepare for a pandemic-resilient workplace, the future of work is shaping into a hybrid model that optimises employee flexibility, autonomy and performance across locations. 

While much attention has been focused on enabling virtual teams through technology, it is important to balance the risks of remote working with productivity and agility. A paper recently released by the Monetary Authority of Singapore and the Association of Banks in Singapore identified two key categories of risks for financial institutions. These are operational risks and people and culture risks, which all companies across sectors should note as they digitalise their businesses.

How might companies better manage these emerging risks as they grapple with the reality of remote working in the digital age?

New risks are here to stay

Organisations will need to confront the technological, operational, legal and compliance risks which arise from a hybrid work model. A change in an organisation’s control environment – such as when the majority of its employees perform their roles remotely – can introduce additional information and security threat factors.

For example, virtual workplaces can be at risk of increased cyberattacks on an external network, potential leakage or misuse of confidential information, identity theft and employees circumventing work processes and controls against compliance guidelines.

In a virtual work setting, enabling employees’ remote access to internal systems is a requisite. Companies must find a balanced and measured ...

Please login to read the complete article. If you already have an account, you can login now or subscribe/register.

Categories:

Risk and Regulation

Keywords:


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