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Analysis of the global risks and threats to today’s businesses

Author: Janet Peter
by Janet Peter
Posted: Feb 07, 2019
risks threats

Introduction

The present business world has many underlying risks and threats that require practical risk management strategies to handle. Businesses have a major role in ensuring that their operations are not under threat from the increasing risks. The hackers, cyber criminals, and other fraudsters are persistently looking for ways of stealing the corporate data for ulterior motives. Corporate organizations have the different genre of information including personal data for their clients and customers, their health care data, financial records, and other sensitive information. As such, the increased data breaches, cyber security risks, and vulnerability make business have determination in developing countermeasures to protect their valuable assets. The business has an objective of minimizing the impact of both the known and the unknown threats. The paper provides an analysis of the risks and threats faced by businesses today and also the effective strategies for handling them.

Common Risks and Threats

A Risk is a likelihood of an attack being successful due to exposure to a given threat. Risk analysis focuses on determining the most important potential security breaches and addressing them. Risk analysis for business helps to establish the appropriate security budgeting to address the issues.

Threats are the source and means of attack. An assessment of the threats helps to determine the best approaches to securing a system from attack. The major focus of threat analysis is to assess the attacker’s resources. It is different to risk assessment in which it focuses on analyzing the potential of an organization’s resources falling prey to attacks.

The span of the period between 2013 and 2014 saw a rise in data breaches targeting global companies. IT security is no longer a mere concern but a global news story. There are numerous data leaks, corporate espionage, and cyber crimes that negatively impact the face of IT security in the organizations. The cyber risks are evolving rapidly and in many areas. The targets of the cyber-criminals continue to increase with the latest being governments and big companies. The main focus of targeting the governments is to undermine the national security and infrastructure. Many businesses have challenges in maintaining their reputation online following the many data breaches. The impact of risks and threats facing organizations and governments lies in the economy in which there is a likelihood of digital disintegration. Cyberspace has immense potential if well utilized, but the strengthening of the attacks will undermine the underlying potential.

Most of the risks and threats target the security of the information stored in the databases. It calls for new regulatory requirements in changing how to handle the security functions. The confidentiality, integrity, and reliability of data are an important aspect that every business should uphold. The exposure of data and sensitive information to fraudsters renders the organization vulnerable to data breaches. It is necessary to comply with the emerging regulations on data privacy and other controls that ensure that organizations maintain data security. Threats are difficult to control, but businesses can minimize their impact by working on particular effective strategies. On the contrary, businesses can manage the risks to reduce their vulnerability and the overall impact (Viney, 2011).

The common high-risk security threats to businesses are network norms that attack through phishing emails and some downloads. The business can be liable to data sniffing from its network if it’s open. The internet hackers and other cyber criminals attack the networks that lack proper security measures (Jahankhani, Fernando & Nkhoma, 2009).

Businesses face increased risks to data security due to the proliferation of their networks by widespread use of mobile devices in handling business operations. At present, many organizations have the BYOD policy. The policy allows the staff to carry their devices to work and access the company data on them. As such, the security of the data remains at stake since the company cannot control the device. Many fraudsters and hackers understand the potential that the devices have in cyberspace and thus device dubious ways of attacking them. The risks and threats that face businesses require practical risk management strategies to handle (Axelrod, Bayuk & Schutzer, 2009).

Strategies to deal with the evolving business threats

The presence of disgruntled employees in the IT department is likely to cause internal attacks to the data and the system. Most of the rogue employees can have access to the network, data centers, and the administrator accounts and cause serious damage. The mitigation to the issue is identifying all the liable accounts and credentials that are under threat and terminate them. Internal attacks from employees are the major threats that affect organizations since the employees have access to sensitive details about the organization. Thus, the termination of their privileged credentials of the internal staff helps to prevent attacks (Cole & Ring, 2006).

Data thefts is a high vulnerability issue when employees use their mobile devices to share data, access the company information, and fail to change their passwords. Many companies that allow BYOD face the risk of exposure on the corporate network if a malware application or software installs on the devices. The solution to the problem has policies that address the BYOD issue. The BYOD policy allows the employees to acquire knowledge on the proper management of their devices and also the company expectations (Partow-Navid & Slusky, 2008). The policy also allows monitoring of the emails and documents downloaded to the company through the devices. The monitoring measures in place provide the companies with visibility in mobile related data loss risks (Axelrod, Bayuk & Schutzer, 2009).

The other strategy is patching applications. Most of the applications used on the core operating system have unique patching methods and requirements. It is essential to have them on a single process. Many cyber intrusions occur through applications. However, many organizations do not patch the common applications in use rendering them liable to attack (Viney, 2011). The scenario increases the attack surface of the system and other systems sharing the network due to un-patching the applications. The malicious network attackers often take advantage of the vulnerabilities in the applications for them to gain easy access to the network. The organizations should use updated software that has increased protection against the malicious attacks.

Another strategy involves securing a network and accounts with strong and encrypted passwords that are difficult to encode by an attacker. The method ensures that any malicious activities on a network do not lead to a successful attack. The passwords should also have a review and update within scheduled periods. Encryption is a safe way of minimizing the effects of a risk and threat since the hackers do not have access to the vital data and information.

Conclusion

Businesses are under threat and also face many risks in conducting their operations effectively. They face threats in data security that renders them vulnerable to attack by fraudsters, hackers, and cybercriminals. The hackers and cyber criminals devise different methods of ensuring that they have access to the vital corporate information. However, a business with proper strategies in handling the risks and threats reduces the underlying negative impacts. The effective and practical strategies discussed include encryption, use of patch management on the applications, and avoiding internal attacks by rogue employees

References

Axelrod, C. W., Bayuk, J. L., & Schutzer, D. (2009) Enterprise information security, and privacy. Boston: Artech House.

Cole, E., & Ring, S. (2006). Insider Threat: Protecting the Enterprise from Sabotage, Spying, and Theft. Rockland, Mass: Syngress.

Partow-Navid, P., & Slusky, L. (January 01, 2008). IT Security Policy in Public Organizations.

Jahankhani, H., Fernando, S., & Nkhoma, M. Z. (January 01, 2009). Information Systems Security

Viney, D. (January 01, 2011). Future Trends in Digital Security

Sherry Roberts is the author of this paper. A senior editor at MeldaResearch.Com in graduate paper writing service if you need a similar paper you can place your order from custom research paper writing service.

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"Janet Peter is the Managing Director of a globally competitive essay writing company.

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