Significance of Cyber Security for Business-Samples for Students

Question: Discuss about the Challenges in Cyber Security for Business. Answer: Introduction With the evolution of Technology, challenges and opportunities are also continued to evolve. The current society is highly dependent upon the digital technology and Internet in order to deal with almost all basic activities of everyday life. Hence, we are highly dependent upon the application of Technology. Alongside the positive aspects of this technology there are several threats that the society has to deal with in order to ensure smooth overall functioning. The rise of Cybercrime is one of the major threats to the use of digital Internet technology. As all the business operational activities are dependent upon Internet technology, the rise of Cybercrime cases has been a major threat to the business operations. The matters related to cyber security have become one of the crucial issues of worldwide business. The threat of the cyber security is associated with the risk of financial data breaches that can ultimately cause financial loss to all the major companies. As the technology has helped in optimisation of business operation, the simultaneous rise of cyber security threats has been a major challenge for all multinational corporations across the globe. Hence it is important to analyse the security threats that are associated with use of digital Internet technology in business in order to ensure maximum possible safety. Project Overview The current project will discuss about the major challenges that all business operations in the current days have to face due to rise of cyber security. This is the major reason for financial loss for many organisations. The project will aim to discuss about the existing literature related to cyber security crime that has compromised account the business operational activities. Project Scope The project will initially discuss about the opportunities in business that are generally associated with implication of digital technology. The key area of focus will be upon the challenges that all major business operations have encountered in the past due to Cybercrime. Some practical examples will be provided from previous research work. All the relevant literature of the topic will be discussed in the project. Finally, some important suggestions will be provided that will help to resolve the issue related to cyber security for business operations that is usually achieved by maximizing the level of digital security. Relevant articles that were published after 2010 will be selected for this literature review. Literature Review Definition of cyber security As new opportunities are being generated with the improvement of Technology, Wang, et al. (2010), have mentioned that there are always some threats that are simultaneously associated with these new opportunities. The threat of malware and virus has originated almost since the dawn of computing. The exposure of sensitive data in the cyber world has attracted various criminal activities throughout past many years. With the penetration of internet, it is estimated that nearly 3.4 billion users all across the globe is connected with the help of Internet service (Choo 2011). This has been the major cause of rise of Cyber-crimes across multiple disciplines that expand from hardware and software. In order to counter the increasing threat of Cybercrime, the technological experts all across the globe have initiated the practice of cyber security that is mainly aims to provide high level of security software that may not allow the hackers or cyber security experts to breach the level of safety . Hay et al. (2011), have mentioned that cyber security has been improving with the progress of digital technology. This is mainly done to neutralize the threats encountered by major business organisations all across the globe. As more business Corporation all across the globe is implementing the use of digital technology in business operational activities, it is expected that the total number of cases of Cybercrimes will significantly rise. Hence it is essential, to raise the level of awareness among the people in order to minimise that threat that can compromise on cyber security and improve its practice. Threats related to ransomware The research paper of Cardenas et al. (2009), have highlighted up on the risks associated with ransomware, which is a type of Malware software from crypto virology. This type of software is a major threat to all business activities as it has the potential to breach all classified information of a business organisation that can compromise upon the quality of the business plan. The major type of ransomware Malware can prevent the access of the user to deny their system by blocking the system screen. They can also deny the access to the digital files that are encrypted. The prediction made by the McAfee Labs in 2017, suggest that ransomware can be a major threat in the current and upcoming years for all major business organisations. Cyber criminals not only deny the access of company's own files that are stored in the cloud, it also demands high level of payment in order to free the victims from the threat of data breach. Elmaghraby and Losavio (2014), have mentioned that ransomware is becoming a fast cyber security threat for all business organisations with almost 40%of all global companies encountering this threat. This ransomware has been one of the most popular ways of attacking business and other large scale organisations. The ransom, who has designed the application of ransomware, can demand up to $50,000 from the business operations in order to relieve them from the cyber risks. A research report suggests that nearly 50% of the companies in UK, who has encountered the threat of ransomware, have agreed to pay up on the amount. However in America, 97% of the companies, who got attacked by ransomware did not eventually pay the amount. On the other hand 75% of the Canadian company has been reported to a ransom the amount for neutralizing the security threat (Li et al. 2012). This amount that is paid by business operations from all the major nations of the globe has been a cause of financial loss. This is one of the major challenges that the cyber security has to encounter in current days. Threat from Distributed denial of service (DDoS) attacks This type of thread is associated with multiple system flood of bandwidth, of resource targeted system in one or more web server users. This type of attack is mainly encountered when multiple level of system are being compromised due to high level of Internet traffic. There are special commands designed by cyber criminals in order to change the protocol of digital data base without the owner being aware about the fact. This can also deny introduction of new connection in the digital platform as currently most of the digital platforms are being burdened with high level of information (Jajodia et al. 2011). Large scale organizations like the BBC have been one of the major victims of DDoS attacks that have not allowed the users all across the globe to access their website. As a result the companys website cannot be accessed by the public causing a major social issue. In the current year there are a significant increase over the cases related to DDoS as more than 10 million cases of diff erent scales have been reported in all across the globe (Ericsson 2010). It is believed to be one of the easiest ways for the hackers to disturb the business operational activities. As the normal functioning of business organisations are being disrupted, it is not possible for them to communicate with customers. The online service quality is also highly compromised due to the fact that the clients are not able to get proper information about the business. The reputation of the business due to compromising of their online activities can go down significantly as the pace of their operational activities get significantly slower. In many cases business organisations are dependent upon financial transaction through online services. Due to DDoS, these financial transactions are ceased, thereby causing serious capital loss for the company. Threat in the Internet of Things (IOT) and Mobile malware It is estimated that there will be nearly 1.8 billion connected mobile devices among all consumers across the globe by the year 2019 (Choo 2010). With the large number of users being connected for business purposes, it will easily attract hackers and malware practitioners to easily breach the level of internet connection. The Internet of things is easily able to connect the mobile devices for business transaction process. This is believed to be one of the major progresses of mobile computing in business. With the latest electronic software and sensors being able to connect and exchange important data, there is a higher risk associated due to cyber security threats as the data can be misused by the hackers. The privacy threat is also one of the major concerns in this context as the mobile devices may contain important personal information of a business person. The mobile devices that are being sold in the digital market are mainly associated with the threat of Internet of things. The mobile devices also allow the manager and workers of a business organisation to easily communicate among themselves. There are also classified meetings held with the help of video conference using the mobile devices. With the threat in Internet of things, there is the risk that the information within the business communication may be leaked to the public domain. According to Lam (2016), with increased number of smartphone users all across the globe, large scale business organisations are dependent upon mobile computing as a part of their business plan. The E-Commerce form of business is one of the popular ways that business has developed in recent times the application of mobile technology. Nevertheless with increased level of mobile computing in business along with increased number of smartphone users, implication of mobile malwares has been one of them major source of threats. It is reported that the total number of mobile Malware attacks have risen 3 times within the past 2 years. There have been approximately 8.5 million mobile Malware cases that have been reported in this time (Liu and Wong 2017). Depending upon mobile banking for all major financial transaction has been one of the major advantages of business process in recent. It is also possible to make all financial transaction across different parts of the globe for multinational corporations with the help of mobile banking. Mrmol et al. (2016), have mentioned in the context that Trojans is one of the major mobile ransomware that has increased by 1.6 times in recent times that have able to hack all the major financial information from mobile banking service. Threats from internal sources Most of the cyber security threats that are encountered by business organisation are from external agents that includes all hackers and malware practitioners. Nevertheless, it has been reported that large scale corporations have also encounter cyber security threat from internal agents, which is also one of the major challenge in this context. The IBM has been one of the worst victims of internal cyber security threat in 2016. It has been found that 60% of internal classified data are being leaked to public domain, which has compromised upon the business blueprint planning process. It was believed that the internal employees have been an expert of Malware practicing which has allowed them to leak vital company information public domain in exchange of high financial transactions. He et al. (2016), believes that the cyber security threat from internal source is likely to go up in the upcoming years. This will mainly occur due to the fact that there will be high level of competition among business organisations, which will enforce them to employ unethical policies in the form of internal cyber security threats to get vital company information. Hence it is important for the organisation to provide high level of training to the employees in order to identify potential Malware activities within the internal operational department. Risk of fake advertisement and information With the rise of digital technology, there has been a significant rise of popularity of digital form of marketing. This is one of the popular ways implemented by all scale business firms in order to carry out their promotional activities by providing vital information to the target customer groups. Online advertising through various digital media platforms are the popular ways of using digital marketing. Cross et al. (2017), in this context have mentioned about the risks that are associated with fake advertisement that are often being published by hackers in order to misguide the customers. Few of the common examples include, fake advertisement in the name of Banking service which convinces the customers to provide detail about the bank account and credit card information which can then be easily hacked by the cyber criminals in order to gain the access for financial transactions. Fake advertisements can also use the logo of reputed brand in order to provide false information to the public thereby compromising upon the level of security and brand image of the company (Herrera et al. 2017). Ways to overcome that cyber security threat for business In order to ensure smooth functioning of business transaction process and make best use of the mobile computing and digital technology it is important for all major business corporations to neutralize the cyber security threat and minimise the risk that are associated. Harris and P. Patten (2014), have suggested an important step in order to reduce the risk of internal threat of Cybercrime. This process includes going back to the basics while providing training to the Employees that can help them to identify potential threats from Malware practitioners. Most of the companies are dependent upon online portals that can help their employees to provide operational functions. It is essential that the portals can only be accessed by authorised users and it can only be accessed from the internal server of the company. Keeping individual security password for all employees is also an essential part and once an employee leave the organisation, it is important to change the password in order to deny the access for ex-employees. It is also the duty of the company to employee special security team, who will have high level of expertise in order to neutralize the threats imposed by hackers and malware practitioners. It is also important for the security team to provide the access for all the digital platforms of the company in order to ensure that they are able to provide best quality of security service. With the help of the use of latest security software, it is possible for the organizations to make best use of the application of mobile computing in business operation process. Conclusion In conclusion it is important to note that with the Rise of the use of Internet and digital technology for business operational activities, there is a huge risk that are associated due to the activities of Cyber threat from hackers and malware practitioners. Most of the online cyber criminals use special software like ransomware in order to get vital company information and get the access of financial transaction process. Has more number of companies are dependent upon mobile computing; there has been a significant rise of total number of cases related to Cybercrimes that has affected the business process in past many years. The current literature has also focused upon the importance of the intervention measures that can be adopted by implementing latest security software in order to minimise the risk that are associated with cybercrimes. It is essential that the future research work to focus upon implementing improved security measures to minimise the risks associated with cybercrime. Reference Harris, M. and P. Patten, K., 2014. Mobile device security considerations for small-and medium-sized enterprise business mobility. Information Management Cardenas, A., Amin, S., Sinopoli, B., Giani, A., Perrig, A. and Sastry, S., 2009, July. Challenges for securing cyber physical systems. In Workshop on future directions in cyber-physical systems security (Vol. 5). Choo, K.K.R., 2010. 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