TMC Colombo webinar: ‘How to mitigate cyber security risk under new normal’

With the global trend of people embracing ‘cyber’ for work, shopping, banking, online transactions, etc., in practicing social distancing as a risk mitigation strategy for the COVID-19 pandemic health risks, an outbreak of cybercrimes too is being witnessed both locally and globally. In this backdrop The Management Club (TMC) of Colombo organised a webinar titled ‘How to mitigate cyber security risk under new normal’ on 22 December 2020 at 5:30 p.m.

CICRA Holdings Group Director/CEO Boshan Dayaratne did a comprehensive analysis on the cyber security risks and mitigation strategies from a prevention perspective. Creation of malicious domains, data harvesting malware, WFH (work from home) vulnerabilities, disruptive campaigns, online scams and phishing were identified as the landscapes on the COVID-19 cyber threat. The average cost of a data breach from remote work was observed as $ 137,000. The importance of online/offline backup, managing social media profiles, checking privacy and security settings, avoidance of opening and deleting suspicious emails/ attachments, keeping software updated, using strong passwords, strengthening home networks were discussed in detail as risk mitigation techniques from a preventive perspective of cybercrimes.

Strategic Insurance Brokers Ltd. Chief Marketing Officer Abhyudaya Das made a presentation highlighting the outbreak of cyber-attack incidents with statistics and data of the various types of breaches and the losses suffered. Cyber Insurance was said to be the only tool in the risk mitigation tool box from a loss minimisation perspective, upon the actual occurrence of an attack incident. The instant benefits from cyber insurance that entails cyber-health checks, financial assistance in the face of an attack, incident response within the first 72 hours, minimum disruption to business were discussed during the presentations. 

The Project Director of the webinar session, Deputy Secretary of The Management Club of Colombo and CEO/Managing Director of Dunee’s Kitchen and DUNEEB, Duneeshya Bogoda said, “We were able to conduct a successful webinar on a timely topic, free of charge, with 35 participants. There were good feedback comments and reviews from the participants. I believe the participants at the webinar can support their organisations to protect the businesses, customers and employees from cyber risks in future and have appropriate insurance covers as well.”

The Management Club Colombo Chairman and Sadaharitha Plantation CEO/Executive Director Dr. Pradeep Edward said that one of the objectives of the TMC was to keep its members abreast of new developments in management through networking and participation at regular management forums, and thus the topic selected for this webinar was also in tandem with the series of activities that have been planned for the ensuing year despite COVID-19 challenges. 

“It was a very useful session that introduced the core ideas of cyber security,” said Silverleap Technology Ltd. CEO Dhushy Thillaivasan, while Anantha Sankaranarayana an Auditor and Tax Consultant from India stated, “The topic is good and is what the world required now, your choice was great,” in the feedbacks sent. 

The webinar was moderated by Priyantha Hapuarachchi – Independent Director Mantai Salt Ltd. of the Ministry of Industries who is also the Treasurer of TMC. 

Leaders in senior and middle management of organisations can benefit by participating in the activities of The Management Club (TMC). For further details contact TMC office – Joseph/Ashely on 0115860000 or email [email protected].