More than a virus: pandemic and online security in the Baltic states
By Alexander Welscher
The Covid-19 pandemic has not only an impact on business and economy but also reshaped cyberspace. The increased use of digital technologies has become the “new normal“ in many organisations. This has created security blindspots for malicious actors that have set their sights also on the Baltics.
Cybercriminals are attempting to exploit the advanced networks and devices for their own ends by taking advantage of the ever-increasing use of online services by the public, governments and businesses.“Covid-19 has shown how quickly cybercriminals are able to adapt and the digitalization surge driven by the pandemic has created opportunities for intrusions with new cyber loss scenarios constantly emerging,” says Catharina Richter, Global Head of the Allianz Cyber Center of Competence.
Another estimate by Cybersecurity Ventures expect cybercrime damages to even reach 6 trillion US dollar in 2021 – what would be the equivalent to the GDP of the world’s third-largest economy. Besides this direct financial damage there are wider knock-on effects and many hidden costs.
Countering moves online remains challenging. If the cyberattacks of 2007 were a wake-up call for the area of cybersecurity, then the COVID-19 pandemic is ringing another alarm bell for the need to reinforce and fortify cyber-defence.