Breaches and Enhance Business Sustainability †MyAssignmenthelp.com

Question: Discuss about the Breaches and Enhance Business Sustainability. Answer: Introduction Technological advances have, and continues to positively affect our societies and everyday lives. However, they also have led to cybercrime, which comprises criminal actions done on the World Wide Web. Cybercrime has made a lot of effects in our communities including our individual lives, businesses, and governmental systems. Progressively our lives are strongly tied to the Internet through the growing web technology. Our personal details comprising monetary, medical, spending activities, photographs, and emails are stored on the web. We have adopted cloud computing which involves storing sensitive data and information on the Internet. Yet we cant really tell whether such technologies are completely safe. Emerging technologies are constantly developing as the world remains and becomes more and more coupled every single day, which leads to increasing complexity with hardware and software systems. As a result, this has presented more chances for hackers to exploit new vulnerabilities. Companies are nowadays forced to adopt cyber security procedures, and continue to spend a lot resources in order to defend themselves against cyber-attacks. This report investigates cyber security by understanding current existing cyber security procedures, factors that influence it, effects of not implementing it and initiatives that can be taken to minimize and manage cyber-security risks more effectively. The rate at which cyber-crime is occurring keeps increasing. Cyber security policies and procedures are also increasingly being set up. However, even with cyber security processes in place, cyber-attacks are on the rise. The problem this report solves are the challenges in cyber security procedures and the reasons they are yet to yield the anticipated results, as well as propose innovative processes of handling cyber security threats. Technology is developing increasingly and keeps changing how we live, communicate and do business through disruptive technologies. With the growth of the Internet, business systems are more improved and more connected to each other and holds confidential data and information. However, amidst the benefits that technology offers come great risks and challenges including cyber threats. It is imperative for organizations to realize the risks brought about by cybercrime, as well as minimize and defend against them. Cybercrime: Four levels of thinking Cybercrime involves threats and attacks against computer systems via the Internet (Salim, 2014). Statistics demonstrates that cyber-attacks are developing at an alarming rate. With the formation of emerging technologies, it has become hard to ensure that computer systems including hardware, software, networks, and web transmissions are secured (Salim Madnick, 2014).Almost all modern organizations have adopted technology and are now holding important customer information and equally important business intelligence information on their Internet accessed web systems which have increases cyber-attacks. Cybercrime rates have doubled all over the globe. A recent study in Australia showed that, more than 60 percent of organizations surveyed in 2016 had detected a security incident. (Osman, 2017). According to the Australian Cybercrime Online Reporting Network(ACORN), online fraud makes up 49 percent of all reported incidents (Johnston, 2016). Cybercrime continues to increase with time and advancing technology. The recent and largest ransom ware cyber-attack, WannaCry, saw 150 countries suffer the attack effects (Liptak, 2017). The world is said to be a global village because of the Interconnection through the Internet. Technology adoption will continue to expand and develop. If there are no necessary policies put in place to prevent cybercrime, it will continually be a great risk for both individuals and organizations. Figure 1 below shows that cybercrime is the leading cause of data breach attack (Passeri, 2016). Underlying cybercrime structures Internationally, different countries continue to face the challenge of effectively addressing the problem of illegal cyber activity and cybercrime victimization. Cybercrime is encouraged by the fact that IT hardware and software is now closely interlinked in the Internet of Things as shown in Figure 2. Another underlying structure is that hackers are making use of advancing technology to attack network systems. Nowadays, a lot of reports about bank theft, data and information theft, system intrusion are on the increase- which depicts the absence of cyber security. Lack of cyber security means not protecting systems, data and information processes, which thereby allow threats. Cyber security involves the technologies, tools, hardware, software, processes and procedures that are used to protect ICT systems against cybercrime (AustralianComputerSociety, 2016). Cyber security spending has been projected to surpass $1 trillion from 2017 to 2021 (Morgan, 2017). As our world increasingly shifts to accessing products and services online, protecting our web systems structures has to become essential for all computer systems worldwide. Cybersecurity is key to organizations, and involves the protection of computer systems and data from cyber threats and attacks. Cyber security: Protects businesses from internal and external cyber threats; Protects computer networks and information from illegal entrance Improves data and information security and enhances business stability management Develops stakeholder assurance in your information security arrangement Increases company authorizations through the use of the right security controls Provides quick recovery times in the event of data breach Factors that influence cyber security There are many factors influencing the success of cyber security procedures according to (Miliefsky, 2017) including the following: Lack of installing security procedures much as business have continued to suffer computer breaches, they do not install mechanisms to secure their systems against attackers which increases cybercrime. Attack detection - It takes long to discover a security threat - The average time between when an attack happens and when it is discovered is 280 days. Employee training if company staff are not continuously trained on cyber security, they continue to be the weakest link against securing computer systems. Cyber Insurance businesses are now able to pay for cyber security policy cover so that incase an attack hits, theres business continuity Intranets security organization are not implementing intranet security which largely affects whether an attack will work or not. User Security system users including employees and clients should make strong passwords and constantly change them. This may stop the possibility of a data breach. Impacts of ineffective cyber security procedures Lack of cyber security is a great risk for both small, medium sized and large organizations. Cyber-attacks result to huge financial losses for businesses which can arise from information theft and financial theft, inability to carry perform online transactions, loss of contract deals and expenses connected with repairing affected computer systems Reputation damage for organization leading to loss of sales, clients and reduction in profits Legal consequences leading to fines and regulatory sanctions since organizations are required to protect customer data and information Solutions to ineffective cyber security measures Organizations can adopt the following measures to minimize cyber-attacks and enhance cyber security policies and techniques: Sensitize employees on security awareness Employ skilled staff on cyber security Create and maintain cyber security budgets Ensure system and department collaboration Implement software patch updates Perform penetration testing to test system vulnerabilities Secure organization intranets Conclusion Today, the technology industry is constantly evolving. ICT components are getting more connected than ever with the advent of advances as the Internet of Things. There have been an emphasis on mechanisms for protecting ICT systems from threats by policy makers. Some effective instruments for defending the privacy and the prevention of unlawful scrutiny, and sharing of information and tools used to intelligently gather data can be valuable cyber security tools. Business organizations need to implement cyber security processes continuously to be able to stand against data breaches and enhance business sustainability. References AustralianComputerSociety, 2016. Cybersecurity: Threats, Challenges, Opportunities. [Online] Available at: https://www.acs.org.au/content/dam/acs/acs-publications/ACS_Cybersecurity_Guide.pdf [Accessed 28 Augsut 2017]. Johnston, R., 2016. Gizmodo: Over 39,000 Cases Of Cybercrime Reported In Australia Last Year. [Online] Available at: https://www.gizmodo.com.au/2016/01/over-39000-cases-of-cybercrime-reported-in-australia-last-year/ [Accessed 28 August 2017]. Lagazio, M., Sherif, N. Cushman, M., 2014. A multi-level approach to understanding the impact of cyber crime on the financial sector. Science Direct, Volume 45, pp. Pages 58- 74 . Liptak, A., 2017. The Verge: The WannaCry ransomware attack has spread to 150 countries. [Online] Available at: https://www.theverge.com/2017/5/14/15637888/authorities-wannacry-ransomware-attack-spread-150-countries [Accessed 28 August 2017]. Miliefsky, G., 2017. Trends and factors that continue to impact cybersecurity in 2017. [Online] Available at: https://www.propertycasualty360.com/2017/03/03/5-trends-and-factors-that-continue-to-impact-cyber?page=2slreturn=1503945108 [Accessed 28 August 2017]. Morgan, S., 2017. Top 5 cybersecurity facts, figures and statistics for 2017. [Online] Available at: https://www.csoonline.com/article/3153707/security/top-5-cybersecurity-facts-figures-and-statistics-for-2017.html [Accessed 28 August 2017]. Osman, H., 2017. ARN: Cybercrime in Australia doubled in 2016. [Online] Available at: https://www.arnnet.com.au/article/616804/cybercrime-australia-doubled-2016/ [Accessed 28 August 2017]. Passeri, P., 2016. January 2016 Cyber Attacks Statistics. [Online] Available at: https://www.hackmageddon.com/2016/02/16/january-2016-cyber-attacks-statistics/ [Accessed 26 August 2017]. Salim, H., 2014. Cyber Safety:A Systems Thinking and Systems Theory Approach. [Online] Available at: https://web.mit.edu/smadnick/www/wp/2014-07.pdf [Accessed 27 August 2017]. Salim, H. Madnick, S., 2014. Cyber Safety: A Systems Thinking and Systems Theory Approach. [Online] Available at: https://ic3.mit.edu/sites/default/files/documents/2014-12.pdf [Accessed 26 August 2017].