The threat is real, and it is here. Crashing stock markets, disrupted supply chains, jolted travel industry, strained economies, and shut down factories, all these are results of the Coronavirus pandemic. Many economies around the world are struggling to contain the spread of Coronavirus, the hardest-hit countries being China, Italy, the US, Spain, Germany, and Iran. There are over 300,000 reported Coronavirus cases globally (according to WHO on 23 March 2020), since the virus first emerged in December 2019 in Wuhan, China. As the whole world is so interconnected, thanks to globalization, Coronavirus has spread to 117 countries in just over two months. It has become one of the greatest threats to the global economy and financial markets.
Being the manufacturing and exporting hub of the world, China holds a major contribution to the world’s GDP. So the economic turmoil in China due to Coronavirus is imperiling global growth. The impact of Coronavirus on the world’s economy and the fear of a global recession is shaking investor’s confidence and is rocking stock prices across countries. The global stock market has witnessed the most massive single-week decline post the financial crisis in 2008. With worldwide conferences, events, and sports around the world being canceled or postponed and travel restrictions being imposed by governments to curtail the spread of Coronavirus; the travel and tourism industry has been severely impacted. Other industries like retail, restaurants, entertainment, etc. have also started to bear the brunt of the pandemic.
Tough times such as this calls for tough measures from governments and organizations. Until vaccination or cure for the virus is available, the best way to curtail the virus from spreading is through social-distancing, which includes travel restrictions and avoiding large gatherings. Governments are imposing lockdowns and placing quarantine measures nationwide. Organizations are providing flexible working arrangements. Coronavirus has triggered the biggest work-from-home movement in history. To swift through the crisis, companies should also focus on effective communication, ensuring trust and disaster planning.
A majority of organizations are providing work from home options to their employees, cybersecurity has become an even bigger concern than before. While organizations are hurriedly implementing these changes, they are exposing themselves to more potential threats like compromised user credentials, organization’s data theft, and phishing attacks. For providing secured remote access, organizations should assess their existing security framework. Technologies like modern Network Access Control, Software Defined Perimeter, and other Zero Trust network access solutions will find more acceptance and witness a sharp growth in demand.