The coronavirus (COVID-19) outbreak has taken the world by storm. The authorities in Singapore have been quick to advise financial institutions on business continuity measures. Businesses are being forced to navigate a myriad of regulatory, operational and cyber threats with the fast-spreading virus causing mass fear and travel disruptions. In a one-hour webinar attended by over 140 participants, Duff & Phelps’ experts shared some tips and regulatory obligations that businesses should be aware of. The participants, who comprised of chief compliance officers, risk officers, finance directors, operations managers, legal counsel and others, were asked about their companies’ preparedness in dealing with COVID-19. Here’s what we found:

Navigating Regulatory, Operational & Cyber Threats During the COVID-19 Outbreak

A key takeaway from the discussion was that having a generic crisis plan is not enough. Businesses should ensure plans are relevant and operationally sound for the nature of the business in which they operate. During this webinar, our experts advised how companies can be better prepared to navigate the following current business challenges: 

Navigating Regulatory, Operational & Cyber Threats During the COVID-19 Outbreak

Businesses can take simple steps to prevent several threats. They can do this by ensuring employees are well-equipped with the relevant knowledge of how to act in a crisis. Employees should also be given trainings on basic cyber hygiene to raise awareness of common cyber threats. This will help prevent possible cyber vulnerabilities, which can expose the business to compromised situations such as ransomware or email phishing attacks.

 

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