ENCyber security is not a complete process, so businesses cannot fully ensure cyber resilience in their activities. Every business can be vulnerable, no matter how it is able to respond to the need for security, create a secure cyber environment and apply modern cyber security measures. Therefore, in a changing operating environment, it is very important to find the right balance to meet the needs of business through targeted cyber security measures, as well as to anticipate potential risks and prepare for preventive action. The study described in this paper focuses on the cyber security challenges, threats and adequate mechanisms for managing them during the COVID-19 pandemic. The main aim of the research was to measure the current cyber security state of JSC Lithuanian Railways (also known as LTG) with the following two objectives: 1) to evaluate LTG cyber security practices impacted by COVID-19; 2) to reveal LTG’s cyber security transformation. This paper analyses LTG’s experience in managing cyber security risks during a pandemic. The results of the analysis showed that it is important to identify the peculiarities of emerging risks and their impact on the business environment. Also, it is necessary to assess the possibilities of integrated application of organisational and technical measures aimed at eliminating or minimising the emerging risks. Keywords: cyberspace; cyber awareness; cyber security; cyber risks; COVID-19.