With the recent acceleration in digital transformation serving as a positive opportunity for agile businesses to improvise and adapt to new customer habits, there has been a boom in online commerce.

However, businesses exploring the online space should treat cybersecurity as a “business issue, not just as a tech accessory”, says BOV’s Chief Technology Officer Joseph Agius.

Mr Agius made the comments during a free webinar organised by Bank of Valletta and The Malta Chamber to raise awareness about the changing landscape of cybersecurity and inform businesses on how to reinforce resilience to mitigate potential cybercrimes.

Saying that the intensive shift online has brought about a corresponding surge in cybercrime, Mr Agius emphasised that, “it’s a matter of time before your organisation suffers a cyberattack,” noting also that the consequences of suffering a cyberattack can be massive, “resulting in data loss, system outage and reputational damage.”

He described today’s attackers as highly sophisticated ones, carrying out hacks through malware and identity theft among others.

Mr Agius said that businesses should therefore measure the efficiency of existing security controls, manage organisational risk and invest in adaptive and flexible IT infrastructure.

With the intensive growth of digitalisation and the continuous switch to remote working, the exposure to cybercrime will increase. Being 100% safe cannot be guaranteed, but mitigating risk is possible.

Businesses should have a contingency plan of combatting cybercrime by seeking consultancy, setting up a security team, deploying multiple layers of security and constantly educating employees to be cyber-smart.

Deputy President of The Malta Chamber Marisa Xuereb also spoke at the online event, noting that “COVID-19 shifted businesses from the office onto the web”.

“Businesses and even customers are therefore more exposed to cybercriminals, as the network of cybercrime continues to grow”.

Ms Xuereb particularly highlighted the increase in remote working to be a beacon that attracts online criminals.

A recording of this webinar can be viewed here.