Cybersecurity in Business

Cybersecurity in business

Introduction

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Because of today’s international economy, securing a company’s intellectual property, financial information, and good name is critical for the company’s long-term survival and growth. However, with the rise in risks and cyber vulnerability, most businesses find it difficult to keep up with the competition. Since their inception, most companies have reported 16% fraud, 37.7% financial losses, and an average of over 11% share value loss, according to data compiled by the US security agencies[footnoteRef:1]. Most corporations and governments are working hard to keep their customers and residents safe from harm. There are both physical and cybersecurity risks involved with these threats. According to a recent study, the vast majority of company owners aren’t aware of the full scope of cybersecurity. People who own their businesses must deal with various issues daily. Nevertheless, steps are being taken to address these issues. Customers and the company are likely to be protected by the measures adopted. Cybersecurity is one of the most pressing issues facing organizations in today’s society. Leaks of a company’s intellectual property and other secrets may have devastating effects on its operations, as competitors and rivals will do all in their power to stop them[footnoteRef:2]. Equifax is an excellent illustration of this. This is perhaps the most talked-about security compromise of the yea[footnoteRef:3]r. The firm was severely damaged because of this. [1: “Database securityattacks and control methods.”] [2: “Comprehending the IoT cyber threat landscape: A data dimensionality reduction technique to infer and characterize Internet-scale IoT probing campaigns.”] [3: “The equifax data breach: What cpas and firms need to know now.” ]

Some individuals take advantage of clients by stealing highly important information to profit financially from their actions. For example, if the wrong individuals get their hands on your credit card information, you’re in serious trouble since you might lose money. Some families lose all of their resources, while others are forced to declare bankruptcy after being financially stable for a long period. Many of the findings of this study will be focused on cybersecurity and the sources of cybersecurity risks. The paper outlines a few of the issues and solutions that organizations may use to keep their operations and consumers safe from exploiting dishonest individuals.

Research question

According to the most recent study, more than 1500 companies have been exposed to some cybersecurity assault[footnoteRef:4]. This research details the specific types of attacks that have occurred. Organizational operations are affected, as is corporate governance, and the internal management of financial status is rendered ineffective due to these assaults. The question that will be investigated during the study is: [4: “Towards blockchain-based identity and access management for internet of things in enterprises.”]

How does a company’s performance suffer because of cybersecurity, and What are the best practices for enhancing cybersecurity in business?

 

Purpose statement

Today’s IT environment is diverse, dispersed, and cross-border in scope. As a result, it isn’t easy to keep track of user identities across many platforms. Because identity mistakes may be very expensive, it’s critical to correctly federate identities using security technologies that provide a business the control and security it needs. For example, an organization’s intellectual property and its secrets are very important. If the rivals get their hands on them, they may easily bring the company to its knees. Theft and resale of company data are common occurrences. Cybercriminals have stolen large amounts of data from several firms. Therefore, an organization must understand how these attacks are carried out and use the recommended measures to prevent these attacks.

Businesses and their customers’ intellectual property rights are at risk from various sources when it comes to cybersecurity risks. Threats to enterprise security may come from various places, including the ones listed below. “The Bot Network operating system, which is used to spread phishing programs and other malware, is the first to utilize remote-controlled operations to conduct attacks”[footnoteRef:5]. Underground marketplaces are the most commonplace to find these networks. In addition, criminals who organize assaults for financial gain pose a concern. In this situation, spam and other malware programs steal personal information, conduct online fraud, and manipulate computers[footnoteRef:6]. Businesses and governments are put at risk because of the ability to conduct commercial espionage wielded by certain criminal organizations and global corporate spies. [5: “The DODAS Experience on the EGI Federated Cloud.”] [6: “Security and Privacy in Communication Networks”]

Also, hackers have long been acknowledged to represent a significant threat to a firm’s cybersecurity. For various motives, such as vengeance, financial gain, or even political aspirations, these organizations break into networks without authorization. Because they use attack scripts and other internet protocols to get into the targeted websites, getting into a company’s system without going via the normal channels involves a lot of technical know-how. Such individuals are a significant hindrance to a company’s development and a threat to the privacy of its customers[footnoteRef:7]. An insider danger to a company’s cyber security is also a possibility. Because of their experience, these people don’t need to be computer experts to access the company’s network and inflict damage by changing and stealing data. Contractors and other low-skilled staff are the most dangerous insiders since they may unintentionally inject malware into the system. [7: “Intellectual property—The Foundation of Innovation: A scientist’s guide to intellectual property.” ]

 

Research methodology: Quantitative method

According to the information presented in the introduction, cybersecurity is a complicated problem, and a wide range of strategies will be used to gather data. It will be difficult to obtain and filter information on corporate security since most companies either deny or are unaware of the cyber risks. A large amount of information is released each year by the US Department Of Defense about cybersecurity goals and procedures. Thus, this official data will help establish a quantitative foundation for corporate security.

Through interviews, we will gather more quantitative data. Security experts and others suspected of posing a cyber security danger will focus on the first interview. Participants for the interview will be recruited using a combination of traditional methods such as word-of-mouth and specialized websites and seminars. Businesses from a wide range of demographics will be notified about their involvement in an interview assessing the current state of cybersecurity. None of the information listed above will be discussed during the interview to prevent bias in favor of the research questions. Instead, questions on dangers and targeted groups will be left unanswered so that participants may express their views based on their own experiences. The research will go on to hypothesis testing after the required quantitative data has been gathered from the study of business organizations. Search engines like Google Scholar or others may be used to locate information and publications gathered by other scholars on cybersecurity.

Putting all of this information together will provide you with the raw data you need to do your study. Before analyzing the data, it will first be sorted into perceptions of the truth, the deficiencies, and even conclusions. The comparison of diverse perspectives will be made easier by categorizing them. The survey will examine the perceptions of businesses and hackers. Interviews and other relevant organizations will be used to get the data. As for truth, it will focus on what data tells us about the security of corporate enterprises. The flaws will serve as a basis for contrasting what’s true with what people think they see.

Conclusion

Cybersecurity is a prominent concern both nationally and worldwide to safeguard consumers and companies. Information security, government service delivery, and defense measures must be developed due to the surge in cybercrime. Proper procedures should be in place to help respond promptly in the event of a cyber-attack. According to a recent survey, cyberattacks have cost many people and companies much money. Some individuals have gone broke because of cyber thieves stealing from their bank accounts, and others have lost all their fortunes. As a result, governments throughout the world must take action to establish systems, laws, and regulations to combat cybercrime[footnoteRef:8]. Most nations have seen income declines and an increase in cyber-attacks due to their failure to educate their citizens about the dangers of such assaults. The people of these nations should be educated on how to protect themselves against cyberattacks and defend themselves if one occurs. [8: “Improving the business processes management from the knowledge management.”]

 

 

 

 

 

Work cited

Lin, Xiaodong, Ali Ghorbani, Kui Ren, Sencun Zhu, and Aiqing Zhang, eds. Security and Privacy in Communication Networks: SecureComm 2017 International Workshops, ATCS and SePrIoT, Niagara Falls, ON, Canada, October 22–25, 2017, Proceedings. Vol. 239. Springer, 2018.

Malik, Mubina, and Trisha Patel. “Database securityattacks and control methods.” International Journal of Information 6, no. 1/2 (2016): 175-183.

Nuss, Martin, Alexander Puchta, and Michael Kunz. “Towards blockchain-based identity and access management for internet of things in enterprises.” In International Conference on Trust and Privacy in Digital Business, pp. 167-181. Springer, Cham, 2018.

Spiga, Daniele, Enol Fernandez, Vincenzo Spinoso, Diego Ciangottini, Mirco Tracolli, Giacinto Donvito, Marica Antonacci et al. “The DODAS Experience on the EGI Federated Cloud.” In EPJ Web of Conferences, vol. 245, p. 07033. EDP Sciences, 2020.

Tabares, Marta S., Liliana Giraldo, and Luis Joyanes. “Improving the business processes management from the knowledge management.” In Proceedings of the The 11th International Knowledge Management in Organizations Conference on The Changing Face of Knowledge Management Impacting Society, pp. 1-8. 2016.

Pour, Morteza Safaei, Elias Bou-Harb, Kavita Varma, Nataliia Neshenko, Dimitris A. Pados, and Kim-Kwang Raymond Choo. “Comprehending the IoT cyber threat landscape: A data dimensionality reduction technique to infer and characterize Internet-scale IoT probing campaigns.” Digital Investigation 28 (2019): S40-S49.

Primoff, Walter, and Sidney Kess. “The equifax data breach: What cpas and firms need to know now.” The CPA Journal 87, no. 12 (2017): 14-17.

Poticha, David, and Mark W. Duncan. “Intellectual property—The Foundation of Innovation: A scientist’s guide to intellectual property.” Journal of Mass Spectrometry 54, no. 3 (2019): 288-300.

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