Tobias Bumm/ March 24, 2020/ Uncategorized

With the coronavirus rapidly spreading, countries globally have taken swift and determined measures to flatten the curve of the infection rate. Those measures are ranging from better hygiene routines, social distancing to shelter in place. We are all confronted with this new situation, which pressures for innovative ideas in many aspects of life to get through this.

While we are hiding out inside our safe homes, away from others, those innovative ideas mostly include digital products. Students are facing online classes, employees are working remotely from home, even fitness classes are held virtually. Companies that offer digital-only products are experiencing a wave of new customers and engagement. Shaktikanta Das, the governor of the Reserve Bank of India encouraged on Monday digital payments and the use of digital banking facilities.

However, this forced rush into digitization by coronavirus comes with certain challenges for businesses: Remote employees are more susceptible to hackers and pose higher risk in areas like cybersecurity, data privacy and regulatory compliance. In the UK, the FCA reminded firms to maintain appropriate records including call records in home-office arrangements. So, which communication tool to implement is important. With regulatory requirements in place, personal accounts or other unapproved communication applications should not be used, as they can’t meet compliance standards. As important as the use of appropriate tools are updated policies on data storage, privacy and communication.

Those major adjustments and efforts that drive digital strategies for businesses today, could be an advantage for all of us in the future. More details in our blog: Opportunities for compliance in times of the corona crisis.

Photo: Dominic Loia by Unsplash