Coronavirus: is your organization prepared?

The coronavirus epidemic is bringing into sharp focus an issue that is often overlooked by organizations — business continuity and disaster preparedness. Uncertainty about the scope and duration of the current epidemic is already making an impact, from organizations re-evaluating employee travel plans to jittery investors selling off stocks.

With the potential to affect supply chains, worker productivity, and third-party relationships, the risk of an expanding outbreak should be on the minds of business executives and internal audit leaders alike. At a minimum, internal audit leaders should be prepared to review and recommend necessary updates to pandemic, disaster preparedness, and business continuity plans. 

Internal audit leaders should be prepared

Even as organizations are in the first stages of determining the potential impacts of the coronavirus on their operations, an ancillary risk is emerging — social engineering amid crisis. Cybercriminals are taking advantage of the growing concern over the deadly virus. Malware-laced emails masquerading as guidance about the virus turned up in three Japanese prefectures, according to TechRadar Pro, a UK-based consumer technology news and reviews website. Hackers disguised the malware in email attachments purporting to contain information to protect against spreading the virus. Instead, they were laden with a virus of another kind, according to TechRadar Pro.

Cybercriminals taking advantage of crises is something that likely will become more prevalent. Organizations must build up their protocols and practices to defend against social engineering such as phishing, pretexting and baiting.  

This IIA bulletin gives some general questions your internal audit department should ask to determine if your organization is properly addressing disaster preparedness and business continuity planning.

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