The COVID-19 pandemic has presented significant challenges to people and organisations around the globe and the disruption continues to evolve. In these unprecedented times, many businesses are facing substantial legal challenges to which they have to respond rapidly to ensure business continuity.
Although Maltese businesses are adapting to a new ‘normal’, it is evident that the COVID-19 pandemic is still here. One must thus recognise the areas affected by the pandemic and plan for an effective long term recovery.
Several businesses have had to resort to drastic measures to protect their existence and some of the measures taken may have caused among others employment, data protection and tax implications. Real estate dealings and contractual obligations have also been affected and some Authorities have imposed stricter obligations.
Read more to learn how you can effectively respond to the impact of COVID-19.
Unprecedented global events bring out both the best and the worst of humankind, and the current COVID-19 pandemic is no different. PwC's Threat Intelligence research has identified unwavering cybercrime activity in the form of espionage, phishing, and other scams, performed by various threat actors whose intent is that of capitalising on the current fear, uncertainty, and doubt.
Most prominently, cyber criminals have been using COVID-19 based phishing lures and sophisticated campaigns as part of their efforts to infect victims with malware that steals sensitive data or allows unauthorised access into a network. In the past week alone, we saw:
Mitigating Phishing Attacks
Phishing attacks have surged dramatically by 600% since February and therefore organisations must take the necessary measures to mitigate the risks of such threat from a technical and behavioural perspective:
We have recognised that the best vaccine against phishing is educating your employees. By launching a simulated Phishing Campaign within your organisation, you will be in a position to assess the risks and avoid becoming the next phishing victim.
The coronavirus pandemic presents us with challenges such as most of us haven’t had to face in our lifetimes. After weeks of restrictions, the question of how Malta should proceed to the next step is now raised, and one thing is for sure: the exit must be well coordinated and follow a comprehensive strategy.
Our return to work document outlines considerations from our national leaders and the business sector which in the end serve one overriding goal: to manage Malta’s restart with combined forces.
We have highlighted our considerations into five thematic areas which are primarily, but not exclusively, addressed to key stakeholders within Government and/or representatives of the business community.
As the COVID-19 response evolves, organisations are experiencing significant operational, financial and liquidity challenges. In order to ensure these challenges can be addressed, the number one concern aired by our clients has been how they can manage their cash pressures to ride out the crisis.
COVID-19 impacted businesses may have unclear cash positions and cash forecasts, resulting in an inability to identify any net funding shortfalls.
Read more about your quick guide on the three key steps which should be considered by Management Teams as they seek to stabilise their cash position through this period.
Territory Senior Partner, PwC Malta
Tel: +356 2564 6892
Head of Advisory, PwC Malta
Tel: +356 2564 7090
Senior Manager, Marketing & Communications, PwC Malta
Tel: +356 2564 6734