Companies urged to up budget allocation for IT security as WFH continues

As work from home (WFH) arrangements place information systems at high risk, entities are urged to allocate adequate budgets to boost IT security.

Acknowledging that the new norms of WFH have made it “extremely difficult” for organisations to protect their systems, the Central Bank (CBSL), asserted the need for companies across all sectors to implement immediate and long-term plans to protect IT assets.

“Cybersecurity comes with an enormous cost that even large-scale organisations struggle with when deciding on budget allocations for information security. Cooperation among organisations, within a specific sector, to share information security-related resources would be beneficial for all in the long term,” the CBSL said in its 2020 annual report.

Since restricted access and stringent controls alone are not enough to protect information systems, the CBSL stressed it is essential for organisations to increase focus on maximising the usage of available cybersecurity resources systems.