Literature Review on Cybersecurity Challenges Faced by Modern Companies
The popularity of smartphones and internet-based services has grown substantially in past decade; people use these devices and services to perform various tasks relating to banking, finance, shopping, entertainment and many others. The use of social media websites has grown as well, and people use such sites for connecting and sharing with their family and friends. Internet and Internet-based services are used by individuals, corporations, governments which make them all vulnerable towards cybersecurity risks. In past decade, along with Internet-based services, cybercrimes has grown as well. The requirement of cybersecurity has increased due to a large number of cybercrimes that took place in past years. Organisations are vulnerable to online threats such as ransomware, hacking, malware and many others. The corporations have to invest heavily in security hardware and software to avoid these threats. This report will analyse the cybersecurity challenges faced by modern companies due to their vulnerability towards cybercrimes. Further, the report will evaluate various suggestions that assist in improving the cybersecurity of the firms.
The main goal of this report is to conduct a literature review on various issues relating to cybersecurity faced by modern companies due to the popularity of the internet and internet-based services. The report will evaluate various companies and the cyber-attacks faced by them to understand the impact of cybercrimes. The secondary objective is to provide various recommendations that can be utilised companies to address the challenges of cybersecurity.
The report will evaluate the impact of the internet and other online services on the operation of corporations and understand the change in their functions to analyse their vulnerability towards cyber threats. The report will examine various cyber threat, and online risks face by firms in recent years. Various theories and professional advice will also be included in the literature review.
The advancement of the internet in previous decade has increased the use of internet-based services in modern firms. Many firms use internet-based infrastructures to provide their services because it makes it easier for them to reach a global audience. Other than large corporations, use of internet has become substantially popular among individuals, entrepreneurs and small firms. According to Weinstein and Lejoyeux (2010), people use the internet to connect and share with their friends and families; it also provides business opportunities to entrepreneurs and small firms to expand their operations. Both corporation and people upload sensitive and personal data on the internet which makes them the potential target for cyber-attacks. Most of the cybercrimes are conducted by the people who have access to the internet and a computer because lack of security measure makes it easier for them to target innocent individuals. As per Anderson et al. (2013), hackers use conduct cybercrimes to collect personal data of people and corporations to gain an unfair advantage, and popularity of the internet has made it easier for them. There are several reasons due to which cyber-attacks has grown in past decade (Figure 2).
Impact of Internet and Online Services on the Operation of Corporations
Lau, Xia and Ye (2014) depicted that social media sites are one of the reasons for people’s vulnerability towards the cybercrimes. In the previous decade, the use of social media websites has grown substantially between individuals and firms; currently, there are more than 2.9 billion active users on multiple social media platforms. Other than people, corporations also take advantage of social media sites in performing various business activities such as advertising, collecting feedbacks, conducting market research and many others. Social media sites provide a large platform to businesses that assist in increasing their operations. Bandari, Asur and Huberman (2012) provided that many corporations have incorporated social media model into their marketing strategy to ensure they take full advantage of its potential. Organisations have gained significant success on social media sites as well such as Old Spice, Oreo, and Starbucks. Along with the popularity of social media platforms, the risk of cybercrimes has grown as well. Hackers target the social media accounts of people and corporations to collect their sensitive data. Many companies such as PlayStation, HBO, and Yahoo had suffered from cybercrimes that resulted in the loss of valuable data.
Mobile banking is another reason that contributes to increasing the number of cybercrimes on individuals and corporations because it provides the opportunity to gain an unfair advantage. In 2017, around 44 percent of the world’s population uses a smartphone which increases the number of Internet-based services. Due to its popularity, corporations aim to provide their services through a mobile application which is easier than standing in lines or visiting the offices. As per Kim, Shim and Lee (2009), banking organisation joined the race and started providing their services through a mobile application to reach a wide audience and encourage people to increase their online banking transactions. Use of online banking services such as PayPal, mobile wallet, online shopping has increased the risk of cyber threats. According to Richet (2013), in online banking, people have to share their financial data on the online platform of banks; many banks did not take proper security measures to ensure that the information of customers is secured. Hackers take advantage of this opportunity and target banks which have security flaws in their system to collect financial information of its customers.
There are several examples of security attacks on the online platform of banks that resulted in significant losses. For example, a cyber-attack on JP Morgan resulted in information breach of more than 83 million users (Reuters, 2014). Another example is Tesco Bank; hackers stole more than 2 million dollars from users’ accounts. As per Saini, Rao and Panda (2012), the lack of online security measure is another reason which increases the risk of cybercrimes. The process of hacking into corporations’ accounts is considerably easier for hackers because of the lack online security measure taken by them. According to Von Solms and Van Niekerk (2013), with the digitalisation, corporations just started to shift their business online without considering risk factors. Most of the firms do not invest in adequate security measures because it increases their expenses. The security firewalls of companies are easier to break by the hacker due to lack of security infrastructure. For example, among 20 biggest banks in the United States, 19 backs have an online security rating of “C” grade. The cost of installing security software is high, therefore, firms avoid implementing them into their operations.
Cyber Threats and Online Risks Faced by Firms
Provos, Rajab and Mavrommatis (2009) stated that people and corporation using online services did not have a proper understanding regarding online security. Corporations and people avoid online security features that are complicated, but they result in providing high-quality service such as two-step verification or selecting a difficult password. A recent attack on Apple Incorporation resulted in leaking the personal data of number people, and more than 500 personal pictures of celebrities were leaked on the internet. As per Choo (2011), these factors resulted in increasing the challenges of cybersecurity that resulted in heavy loss for companies and individuals. In online markets, new cyber threats starting collecting attention of businesses because they did not have proper security measure against such threats. Following are few examples of the challenges faced by organisation regarding their online security.
The DDoS or Distributed Denial of Service attack over a server and increase the traffic of such server to a limit that it stops performing various functions. Usually, hackers attack a single computer and then use such system to gain access to other computers that are connected to the same server. According to Zargar, Joshi and Tipper (2013), the servers are not able to handle high volume of traffic which resulted in their failure along with their security measures. The hackers take advantage of this situation and attack on server when they are most vulnerable. Hackers use pop up advertisements, emails, and other viruses to increase the traffic of servers. The example of DDoS attacks includes BBC, Rio Olympics, DYN, the election campaign of Donald Trump and five Russian banks (Bisson, 2016).
The popularity of internet is growing rapidly, and corporations are creating new devices that connect everyday appliances to the internet. McAfee’s research provided that by 2019, customers will use more than 1.8 billion internet based devices (McAfee, 2017). The internet of things is connecting everyday appliance and other devices to the internet to make them smarter. The number of IoT devices is grown rapidly, for example, smart home appliances are already popular among the markets of developed countries. Abomhara (2015) provided that most of IoT devices are connected through a single network, and breach in one device resulted in risking the security of each device. There are specific backdoors available for each IoT device, and hackers use them to gain access to such devices. These devices collect personal data of users; therefore, it makes them potential targets for hackers. The IoT devices include wearable gadgets, smart home appliance, connected vehicles and others.
Examples of Cybersecurity Challenges Faced by Organisations
According to Sui (2016), more than 44 percent of the world’s population will own a smartphone by 2017, and currently, there are more than 2.32 billion smartphones available worldwide (Figure 1). The growing popularity of smartphones makes them potential targets for hackers since it contains a significant amount of personal data. Arabo and Pranggono (2013) mentioned that cybercriminals collect personal data of users, and they blackmail them to their advantage. The popularity of mobile baking has made smartphones the ideal target for cyber criminals; hackers’ use the mobile application to target smartphone users. Hackers target the mobile phones of a corporation’s executive or leaders and collect their personal data to blackmail them into granting access to firm’s servers or unless they leak their private data. ‘Plankton’ mobile malware collects the data of Android users through a mobile application. ‘DroneKungFu’ is another mobile malware which is popular on Android devices and it uses the back door to collect the data of smartphone owner (Shipman, 2011).
Generally, the cybercrimes are conducted by hackers to gain an unfair advantage or collect money from the victim, but not all cyber-attacks are the same. Many people use the online platform to protest against large corporations or political agendas, and the hacktivists attack the online platforms of such organisation with a motive to destroy their reputation or financial position publically. As per O’Malley (2013), the Hacktivism attacks are more dangerous than other cyber-attacks because the primary objective of the hackers is to destroy the firm’s reputation and make them financially disable.
Many hacktivists attack over the online data of large corporations or governments to collect confidential documents or secret data that can be detrimental to national security. The attack on Sony Corporation is one of the most noticeable; Anonymous hacking organisation attacks the company because of their PlayStation lawsuit (Schreier, 2011). Anonymous also attacked Bank of America to expose the illegal activities conducted by the firm. The leak of Panama Paper is another good example which provides the information about tax evasion scandals of global leaders.
According to Pathak and Nanded (2016), Ransomware is a malware that attacks computers of companies or individuals and restricts them from accessing their personal data. After gaining the control over a computer, hacker demand a ransom for giving back the control; the ransom can be money or other valuable objects. There is no guarantee that the hacker will provide access to the computer back after receiving the ransom. The examples of Ransomware include Crypto Locker, Locky, and WannaCry. The organisation which has been attacked by Ransomware includes Nissan Motor Company and FedEx.
Hacktivism Attacks – More Dangerous than Other Cyber-attacks
In 2016, IBM conducted research on cyber-attacks which provided that more than 60 percent of the attacks are happened due to insider threats (IBM, 2016) (Figure 3). Many employees intentionally or unintentionally give access to hackers that resulted in a data breach in a company. Many employees take revenge on their company by giving access codes to the hackers, and lack of security guidelines makes the process easier for them. Edward Snowden and Jun Xie are a good example of insider threats; both leaked the data of organisations in which they were working.
Following are few suggestions that can be implemented by modern firms into their systems in order to improve their cybersecurity and reduce the risk of hacking.
- As per Nemati (2010), encryption of data can assist companies in improving the security of their devices. Corporations can use encryption to secure their data while transmitting it between two different devices. For example, using IoT devices in homes can be risky because such devices are always connected to a network and constantly share and receive data to work properly. Therefore, encrypting the data will result in creating an extra layer of security that improves the overall usability of the devices. Companies did not prefer to implement encryption because it takes more time to process data but the security provided by encryption can save potential cyber-attacks, such as the attack on Sony Corporation.
- Physically securing the computer and servers is also necessary to ensure that corporation’s data is secured. As per Cardenas et al. (2009), setting biometric locks, security camera, and other security measures in computer labs can protect the firm from insider threats. Proper checking of employees is also necessary to ensure they are not able to share their credentials or details with another party.
- The company should not hesitate to invest in security software because it assists in preventing potential threats that could destroy a corporation’s reputation or financial position. The firm must maintain a separate budget for cybersecurity that is enough to install appropriate cybersecurity measure to ensure the safety of online data. The corporations should install firewalls, antivirus, and other security software the decrease the potential risk of cyber threats.
- Using a difficult password can save people and companies from a large number of security threats. Most firms did not use strong passwords because it takes more time to enter such password. But, using a difficult password and routinely changing them can assist in improving the online security of businesses. Especially while using banking services, individuals and companies should use strong passwords.
- The corporation can establish an effective organisational culture that embraces security guidelines and makes them an integral part of the system. The employees must be aware of the security guidelines, and they should properly comply with them to avoid the risk of cyber-attack. The company can also provide training to its employees in order to ensure that they properly understand and comply with safety requirements.
Conclusion
In conclusion, the popularity of internet and internet based services has increased the number of users on online platforms. The use of online banking, mobile wallet, social media sites, and lack of security measure has increased the challenges of cybersecurity for individuals and corporations. Organisations face various risks such as ransomware, insider threat, DDoS, IoT, Hactivism, smartphone malware and many others. Many large corporations have suffered due to cyber-attacks such as Sony, BBC, FedEx, DYN, Bank of America and many others. The firms are required to analyse the risk of cyber threats and take appropriate action against them to secure their online data. The companies can increase their security budget, set physical security measure, use strong passwords and embrace an organisational culture that supports online security. Encryption of data is a key element which assists firms in securing their data from hackers. The corporations should implement proper security measure to ensure that their data is secured on their online platforms and they are protected against cyber-attacks.
References
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