Impact of Changing Trends in Cyber Security in Organizations

With each cyberattack on average pegged at around $5million, technology becomes the greatest cause for change management in organizations. The primary duty or function of the IT department in a business is protect at all times information belonging to the company and its customers. Breaching this protection has catastrophic consequences which sometimes cannot be value in monetary terms (Fu et el. , 2017, p. Malignity of cybercrime can take the path of defacement. The current trends in the computer science like cloud computing, Internet of Things, Blockchain, Artificial Intelligence come with a million setbacks which have to be addressed promptly (Li, Jiang, Chen, Luo, & Wen, 2017, p. Depending on the net value of the strengths and weakness a technology will bring, a decision is made on which know-how to implement.

Most of the corporations have considered cyber management as a primary business risk by adopting contingency plans like adopting standalone policies to cater for the cyber liabilities, investing heavily in data protection and teaching the employees on how to avoid simple attacks. Training employees on Cybersecurity The dynamic world of technology with its trends as far cyberspace security is concerned, has forced companies to train their employees to make them literate and make them knowledgeable on these attacks. In many cases, computer users make blunders while they are doing their business online. The aftermath of this is catastrophic as well. Users are made to improve in their session operation on the websites through re-authentication, use of complex passwords, changing their passwords regularly, terminating the sessions within a specific period of time, preferably short and making them to sign afresh.

Cookies which store the password identity must not be permanent, and their encryption should be done in SSL technology. Cross-Site Request Forgery (Phishing) The use of emails is still one of the most commonly used attack to unsuspecting users. The attackers launch the spasms by sending a malicious link to the internet user. cybercrime is no longer and never was a sole technical issue. It is now more of a business risk incurred by institutions and companies have taken the covers and communicated this to their clients. Attacks on Internet of Things (IoT) device is now common during to the rising IoT technology (CSO Insurance). The functionality of devices cripples through the Distributed Denial of Service (DDoS) attacks. Reasons why attacks are business risks include: Unprecedented Multi-million dollar losses However big he returns of a business organization, to lose $10 million suddenly due to a cyberattack is unsustainable.

Figure 1: Data Breaches & Exploits over the past one year. Source: Ponemon Cyber-Insurance. Most of the exploits are due to losing of the confidential customer and company information. For this reason, a good number of companies have opted to buy insurance policies, 33% to be specific as of June 2018. The number is expected to rise because of the mounting evidence of the value of avoiding the attacks where possible (Benson, McAlaney, & Frumkin, 2018, p. It is for its benefits that companies choose to adopt it. The cost of hosting and running of the databases themselves is low as compared to the physical warehouses. The cost of buying more storage for the data that exponentially rises with years is evaded. The physical theft or vandalism of property is a bygone with cloud computing, at the expense of data security.

Regulatory non-compliance consequences A customer entrusts the company in a business deal with them to safeguard their informational. Banks on the other hand will have more to do with ensuring security of the more itself and the plastic card numbers with their account information. An assessment of the frequency of attacks in any area will give the respective companies doing the survey a blueprint of the architecture to be employed in protecting clients’ information. Benefits accrued by such a caution are invaluable. Fines charged for a company failing to prevent data breaching together with protecting a brand from being defaced are killer reasons for data security investment. Conclusion The current society is run by technology at almost every point. , & Frumkin, L.