Project objective
Discuss the Challenges in Cyber Security for Business.
The use of internet services is increased as compared to previous years. Individuals imply online goods and services to accomplish their various needs that are associated with entertainment, shopping, and finance (Abomhara, 2015). In the current scenario, the use of social media has been enhanced caused by higher online users. In addition, it is also found that social media assist individuals to share their specific information with colleagues, friends, and family. The online services are used by the public and private organization, and people, which make them defenceless in context of the cyber security risks. The Internet services develop higher probabilities of cybercrimes. There are certain issues that are faced by the organization at the time of using online services like ransomware, malware, Internet of thing and hacking (Anderson, et al., 2013). Organizations are defenceless to deal with online issues and obtain a reliable outcome. The companies have to investigate information security tools to eliminate the chance of cyber threats. This report discusses cyber security challenges confronted by the organization as it would make totally vulnerable to the firm for managing with cyber risk. Furthermore, this research report also presents approaches as it would support to improve threats to cyber security.
The main aim of this research report is to evaluate approaches or strategies for eliminating the challenges of cyber security from the company. The following objectives will be used by the researcher to attain their research aim:
- To explore the concept of cyber security in the organization
- To evaluate challenges of cyber security faced by the company
- To suggested strategies for managing cyber security challenges
This report will be effective in evaluating the challenges of cyber security face by the organization. It supports the company to comprehend the situation that could be occurred in lack of cyber security. This report aids researcher to understand cyber security issues faced by the company in the current trends. In last, it supports research scholar to understand many approaches for eliminating cyber security challenges.
The literature review chapter aid the researcher to enhance their conceptual knowledge about current research matter (Arabo and Pranggono, 2013). In this, many techniques will be used by research scholar to obtain information about research matter. In the recent business scenario, online facilities are used many companies to gain their profitability. The use of internet services has been enhanced among business tycoon, individuals, and small organizations. It is also evaluated that development in the online technique could enhance the possibilities of cyber security threat in the working place. Consequently, it would negatively impact on organizational performance. This literature review supports the research scholar to enhance their theoretical knowledge towards challenges and approaches to cyber security threat as it would be effective to obtain a positive outcome.
Project scope
Bandari et al. (2012) argued that people use online services to make a link between friends and family. It supports small organizations and business tycoon to obtain business opportunity as it would be effective for spreading their business. Through online methods, organization and individual share their personal or private data among a large number of individuals as it would create possibilities of cyber security threat. In addition, it is also found that many individuals use the internet and personal computer to complete their task in the least time. The lack of cyber security software could enhance the possibilities of cybercrime at the working place.
In support of this, Campos et al. (2016) stated that individuals could conduct cybercrimes by gathering personal data of people and organization to get unfair profit. It could support to reduce the existing financial performance of the company. There are certain factors that could affect probabilities of challenges of cyber security. It is also found that social media users are defencelessness to manage cybercrimes due to lack of cyber security. In the current scenario, the application of social media has been enhanced significantly between individuals and firms. It is also found that there are approximate 2.9 billion individuals who use social media to interact with others. In addition, companies use social media to complete their many tasks related to the market research, feedback, data collection method, and advertising. Through this, the organization could improve business process and obtain a reliable outcome.
In the favoured of Choo (2011), the social media is implied by many organizations because it permits the firm to practice their marketing strategy on the social sites and get higher success. The social media offer an opportunity to the organization for making their different image in the market such as Oreo, Starbucks, Old spice, and Blue Heaven. The higher use of social sites would create probabilities of cyber security risk. The hackers of organization target account of online users to get their confidential data. There are many companies that influenced by cybercrimes like PlayStation, HBO, and Yahoo.
According to Falk et al. (2016) financial institution and organization uses the mobile banking services caused of higher competition level. It will also be imperative for gaining a number of consumers.
Banking company has started to use the mobile banking services due to enhancing their services and attract a large number of consumers. There are various sources which are used by the company to manage their capital at the time of transferring money one place to other like PayPal and mobile wallet. It will enable the company and consumers for the online financial deal as it could create possibilities of the cyber threat.
Literature review
Fonseca and Rosen (2017) argued that online transaction enable the company to share their confidential information related to growth, product and services, and existing data on bank portal. In the existing business scenario, a large number of financial institutions have failed to secure their private information consumers that would increase the probabilities of information leakage. From this, hackers could be capable to take advantages from those companies caused of lack of reliable technique for managing cybercrime. Hacker could collect the private information of customers and organizations to conduct unfair behavior. Hackers gather private information of individuals and organizations to conduct inappropriate behaviour at the working place. There are many cyber challenges that are confronted by a company like IoT, DDoS, Hacktivists, Ransomware, and Smartphone Malware.
DDoS
Futter (2016) argued that DDoS (distributed denial of services) attract on the personal data of online users and attract on many essential activities. Mostly, online hackers attract on the personal computer of company subsequently, online hackers start to accesses another computer that could be associated with the same server. Servers are unable to manage a various range of traffic as it could offer a chance to the hacker for hacking their private data of an organization. There are certain business activities that are influenced by DDoS such as BBC, and DYN.
IoT
In support of this, Gomes et al. (2017) stated that the popularity of internet is enhanced hence organization uses many technologies to link their potential consumers to the internet. A large number of consumers or organizations use the internet as it would create possibilities of cybercrime. Moreover, IoT technique is associated with the single server and it could be breached by one technique as it could cause of higher possibilities of cyber security issues. These tools help the hackers to get private data of online users thus it can be said that IoT could also develop higher chance of cyber security crime. The internet of things device is supportive to make the association with other tools and techniques. It would directly impact on the performance of the organization.
Joglekar and Pise (2016) smart malware tool enable online hackers to practice the private information of consumers. In addition, it is also found that more than 44% of whole population practices smartphone to convey their data on the specified portal to accomplish their determined task. The popularity of smartphone could provide the opportunity to the hacker for practicing the private information of others. The online hackers collect the private information of online users and blackmail them to attain their needs. The popularity of the mobile banking in the marketplace could offer an idea to the cybercriminals for focusing on smartphone users as it would generate the higher probabilities of the cyber security challenge for them. Initially, online cyber criminals could concentrate on the top management executive and leader to obtain the private data for conducting unfair behaviour and obtaining higher success. It is also found that ‘Plankton’ Malware support the cybercriminal to obtain information of android phone users through a mobile application. ‘DroneKungFu’ is also malware that facilitates the hackers to obtain information from Android users by back door. It will leak the private information of users in the least time and cost.
Analyzing the challenges faced by organizations due to cyber security
According to He (2016) Hacktivists would generate the probabilities of cyber security issue. The online issues are occurred by the cybercrime to increase the unfair behaviour at the working place. The online cybercrime could support the hackers to obtain money from others and enhance the possibilities of cyber-attracts. In the recent era, effective strategies are used by a large number of consumers to mitigating their current issues. It would support to obtain higher success.
In the favoured of Joglekar and Pise (2016) Hacktivism is harmful to the company because it initially facilitates the hackers to make a negative image of the firm in the marketplace by financially disabling the firm. Hacktivists attack on the private and public sector organization for getting their private information which could be harmful to the nation’s safety. For illustration, Sony Corporation is also influenced by Hacktivists that destroy their image and financial condition (Pathak and Nanded, 2016).
In opposition to this, Johnson (2015) examined that Ransomware is a malware which could attack on a single computer of company and leaders and make them totally defenceless to imply their personal information appropriately. In the current scenario, the number of hackers has been increased that could enable the hackers to obtain higher ransom for the company. The ransom could form of asset or money of other people. It is found that there is lack of possibilities that online cybercriminal will not contact back after getting their ransom. There are different kinds of Ransomware such as Crypto Locker, Locky, and WannaCry. In addition, Nissan motor and FedEx are influenced by the Ransomware.
The approaches would support the company to eliminate challenges of cyber security and get a valid and reliable result. There are certain approaches that could be used by the organization and individuals to mitigate probabilities of cyber security threat at the working place. These strategies like physically securing and encryption.
Kaplan et al. (2015) suggested that company use encryption strategy to defend their private information of organization and secure the transaction between two gadgets. It is also found that when a company uses IoT software in the home then it increases the probabilities of a cyber-attack during transferring the information from one place to another place. In this, the organization should imply the encrypting techniques as it makes more than one layers at the time of transferring private information. But at the same time, organization do not imply this technique caused by time-consuming feature.
In opposition to this, Kim et al. (2009) recommended that physically securing the computer and servers could also be effective for eliminating the cybercrime threat. The company would use many techniques such as biometric locks and a security camera to protect the computer labs and personal computer as it would help them from inside challenges (Nemati, 2010). The company should properly check the workforce caused by eliminating their personal data from another party. It is also addressed that company should be confused for investing in the cyber security data as it could facilitate the firm to protect their confidential data and make a distinguish image in the market. Consequently, it could support to improve the financial condition of the firm. The organization would also be capable to obtain a higher competitive benefit.
As per the view of Manworren et al. (2016), an organization should maintain the budget for cyber security because it would aid to develop the cyber security tools to assess the safety of online information. A company should use antivirus, firewalls, security software as it would reduce the possible hazard of cyber security. A company should implement different password to keep the private information of a person and corporations. It is also identified that certain companies use easy password, which generates the potential of cyber security within an organization (Mohammed, et al., 2015). An individual and organization should make strong password at the time of implementing banking products and services. A corporation could develop the organizational culture as it would provide the security to keep the depth data and builds unique picture amid the customers. It is also stated that company may facilitate the instruction to their workforces to keep them in against the cyber security risk. A company should exercise training and development technique by which they would aware with a workforce with regards to cyber security threats and gets the reliable results (McGettrick, et al., 2014).
This literature review will support to an investigator for obtaining the appropriate information with regards to the impact of cyber security challenges on the business. This literature review will aid to assess the existing research matter. This chapter also focuses on how cyber security risk could directly affect the business performance.
Conclusion
With respect of the above interpretation, it can be concluded that higher demand for internet services could develop higher probabilities of cyber security threat. The use of social network sites, online banking, and mobile wallet could generate the higher probabilities of cyber security threat cause of cyber security. It can also be illustrated that companies could face many issues at the time of using an online tool like Smartphone malware, DDoS, Hacktivism, and IoT. It is also found that there are many companies that are influenced by the cybercrime like Sony, FedEx, DYN, BBC, and Bank of America. The company should critically evaluate the cyber risk develop a reliable decision. The company should invest in cyber security due to secure the confidential data of firm. The company should use encryption technique because it helps the company to freely utilize their personal computer and obtain a reliable outcome. It will also help the company to mitigate the probabilities of cybercrime from the company and obtaining competitive advantages.
References
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Gomes, J. F., Iivari, M., Ahokangas, P., Isotalo, L., and Niemelä, R. (2017) ‘Cyber security Business Models for IoT-Mobile Device Management Services in Futures Digital Hospitals’, Journal of ICT Standardization, 5(1), pp.107-128.
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