M7A1: Case Study: Risk Assessment of Cyber Crime
General Comments One item of great note in this case study is the fact that it is for a financial institution that is involved heavily in international transactions. This flavors the entire risk assessment because if a company is doing their work on a global and international basis, then there is the requirement of dealing with compliance, the legal and regulatory requirements in the rest of the world. For instance, the European Union has their independent privacy requirements and even Japan has a type of Sarbanes-Oxley, with France, Germany, Canada and Australia having both regulatory and legal requirements that must be embraced by anyone doing business with them (Tafara, 2006). Other counties
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The specific IT assets and technologies that are highlighted are internet applications, such as online transactions, human relations systems, wire systems and websites. Other resources are Blackberries, Android smart phones, I-Phones, cellular networks, short messages service (SMS), PC’s (include their operating systems), connected USB storage devices and any third-party software (Deloitte & Touche LLP, 2010).Most importantly, in this case, will be banking devices such as ATMs, kiosks, RFID enabled smartcards that allow secure financial access (Deloitte & Touche LLP, 2010). Finally included, are intranet portals, collaboration tools, authentication systems, voice over IP phones and private branch exchanges (PBX)’s, voicemail, identity management, log-on, password and user code technologies (Deloitte & Touche LLP, …show more content…
Almost every business deploys the traditional security based, methods to combat the threats of cybercrime; however, this is not sufficient to fully erase the threats. Any risk based method must look at what is leaving the IT environment, as well as the data inflowing, because, what is going out holds possibly greater significance than the traditional bastion based security methods (Peltier, 2010). Organizations must comprehend how visible they are to online criminal in regard to, targets of interest, attack routes, and possible process vulnerabilities. So to better defend against attack, a simple equation provides the underpinnings of the numerical system for rating risks and is expressed by the following: Risk = consequence × (threat × vulnerability) (Peltier, 2010). This equation is superior to the standard equation that only factors in threat and vulnerability and should be used for calculating
The analysis conducted by Control Data Corporation (1999), provides a quality, and precise assessment of adhering to cybersecurity policy. This analysis is organized into several different categories:
While there are several competing if loosely defined definitions of cyberterrorism, Hua and Bapta have clearly broken down the core elements to illuminate the nuances between traditional terrorism and an ordinary hacker. As Hua and Bapta aptly state, "modern economies are heavily dependent upon Information Technology (IT) based information systems for survival" (Hua & Bapna 2013). Given our dependence on Information Systems, some effort of consideration must be given to securing them.
Security helps the organization meet its business objectives or mission by protecting its physical and financial resources, reputation, legal position, employees, and other tangible and intangible assets through the selection and application of appropriate safeguards. Businesses should establish roles and responsibilities of all personnel and staff members. However, a Chief Information Officer should be appointed to direct an organization’s day to day management of information assets. Supporting roles are performed by the service providers and include systems operations, whose personnel design and operate the computer systems. Each team member must be held accountable in ensuring all of the rules and policies are being followed, as well as, understanding their roles, responsibilities and functions. Organizations information processing systems are vulnerable to many threats that can inflict various types of damage that can result in significant losses (Harris, 2014). Losses can come from actions from trusted employees that defraud the system, outside hackers, or from careless data entry. The major threat to information protection is error and omissions that data entry personnel, users, system operators and programmers make. To better protect business information resources, organizations should conduct a risk analysis to see what
Australia is dependent on technology, everything from state security, economics and information collaboration is more accessible resulting in an increased reliance on digital networks. The rapid increase in cyber activity has a symbiotic relationship with cyber crime. The evolving nature of cyber crimes are constantly leaving counter measures obsolete in the face of these new technologies. Australia takes insufficient action against cyber crime, inaction is based on Australia’s previous focus on counter-terrorism. This study will use the Australia’s National Security Strategy 2013 to show the increasing trend towards cyber security. Unfortunately the Australia Government is lacking in the presence of this growing phenomenon. Recently cyber crimes including attacks from Anonymous and Wiki-leaks prove that no network is completely secure. This study will conclude that the exponential growth of the Internet has resulted in an inability to properly manage regardless of the governmental strategies being implemented.
Data breaches have gone up significantly and hackers are coming up with innovative techniques of breaching the data security network. There are several challenges associated with cybersecurity management as there are a multitude of threats arising from various sources. Cybersecurity threat can have different levels of impact on an organization or a business and varies based on the industry type. According to the Securitas USA survey, manufacturing, healthcare and insurance, finance, information, and utilities saw cybersecurity as the topmost threat for their businesses (Securitas USA,
Network hackers are forever inventing ways to break into the computer systems of organizations. Their aim is to take adventure of the susceptibilities of the system. Hackers remain only limited by the created activity of their minds. Hackers have the time, capability, and experience to infra trace any system. The organization has the responsibility to prevent hackers from infra tracing their system. Organizations remain required to plan for the assaults of hackers. Organization can only be better prepared to defend against hackers, if the organization has taken the necessary action to hinder the hackers’ assaults. There remain various ways in which an organization can prepare to do battle with hackers. The first step to battling hackers is for the organization to have an excellent understanding of its abilities and capabilities. Security analysis systems remain invented to aid organizations in the process of un...
Not a long ago, technological innovation was making its baby steps into our lifestyle. There was never a major talk on cybersecurity, even though the idea was present. Progress in technology have brought new ideas and innovations that have attracted, in turn, malicious and criminal practices; with this fast paced world we live in, we cannot afford to put our plans and goals on hold in order to deal with the problem. Today, it’s fair to say that we are all trying to catch up with the pace of technological advancement, and that is a difficult thing to accomplish, due to how fast and how complex the field has grown to be. It’s the same story in the case of cybersecurity, where we seem to be forced to react, rather act. At some point, it seemed like the cyberwar was left to the IT industries organizations to handle, until many more companies have been attracted to the technology world, due to various reasons, including competition and their respective market growth, an observation confirmed by Judith H. Germano (2014): “With time and experience (and even more alarming news report), more companies are becoming aware of, and realizing they need to address, cybersecurity concerns on a proactive basis” (p. 7). Nowadays, the society is more connected than ever, making it a target for criminals more than ever, and it requires a collective effort to achieve Information Security
The data breach at Target had a massive impact on cyber security. According to Lauren Abdel-Razzaq, we live in a world where consumers don’t even think twice about paying with a credit or debit card or buying items online or with mobile devices (2014). However, data breaches have become a major threat and continue to impact companies all over the world. Companies should take information security as seriously as possible. We don’t live in a perfect world. Anything can happen at any time, even if a company has the most sophisticated security system in place. It is how a company reacts to a data breach that will make or break them.
Cybersecurity is a serious issue the U.S. faces today, cyberattacks and cybercrimes are national-security threats with the possibility for disastrous consequence. Adam Lowther has identified the properties of cyberspace as unbounded and changes rapidly, a domain that is jurisdictionally complex, and provides a low cost of entry for the adversary as the United States evolves into being asymmetrically dependent on cyberspace (Lowther, 2012), what is the best way to ensure you are not being hacked? With the realization of not being able to achieve cybersecurity, companies should focus their efforts on cyber deterrence. Deterrence offers much more flexibility and increased options while achieving cybersecurity. Cyber deterrence includes options such as taking legal action and making networks invisible, maintaining resiliency. Appling Lowther’s concept of decision-making calculus through assurance and avoidance by reducing the probability of success, increasing the cost to the adversary while reducing the attack surface with agility (Lowther, 2012). These assurance and avoidance techniques should all be applied when attempting to deter the
In today’s day and age there are many ways to commit crimes. A few of the many ways to commit crimes is electronically with Tablets, computers and other such instruments which is called Cyber Crimes. Cyber crimes are very easy to commit with all the technology available to kids and adults alike but with that said there is varying ways to commit them and some are committed by accident or are very miniscule. Cyber crimes are crimes such as stealing or posing as someone by taking their information such as bank security pins, social security numbers, and Id's. By doing this some people open themselves up to being traced back which is what the police use to backtrack and trace the signal to the person who committed the crime. With the people trying to catch the perpetrators it all comes at a price and it’s not cheap.
Potential risks and security breaches have been on the rise with a growing number of skillful hackers. This results in an increase to external threats to personnel and businesses. However, when complex security measures and the appropriate level of controls are utilized, there is a reduction to the potential risk and loss due to failure or breach. Therefore, such practice will enhance system reliability.
This case study is based on European Union Agency for Network and Information Security (ENISA) to examine the current and emerging cyber threats and threat trend for emerging technology areas. This will be followed by the explanation about threat, threat agent, technology areas and attack methods. This case study also provides a description of the procedure followed; also use few descriptions on use- cases of cyber threat intelligence. The primary commitment of the ETL 2014 lies in the recognizable proof of top cyber danger inside the reporting time frame. With the developing risk landscape, it makes up the fundamental commitment towards ID of cyber dangers. This report also examines how the
Every day millions in some cases billions of dollars are made by businesses from income brought in by online sale of products and services. As businesses continually develop and expand their client base with online products and services so does the desire by criminals to exploit vulnerabilities in their e-commerce setup. The mass worldwide internet usage growth within the last 20 years has been “an approximate 16 million users in 1995 to an estimated 2,937 million in March of 2014” As the importance of e-commerce increases so does the need to protect the technological infrastructure that will carry out online transactions for each business regardless of its size. I will attempt to highlight and review the history of a few cyber crimes to show the progression of the crimes within the last 30-40 years. I also plan to review how the economy and consumers are impacted by cyber crimes. Finally I will make an effort to contribute with information gathering on how to lower the risk of a cyber attack from and individual user to a large scale business.
The ability to conduct warfare through technological methods has increased information security awareness and the need to protect an entities infrastructure. Subsequently, cyber warfare produces increased risk to security practitioners that employ technology and other methods to mitigate risks to information and the various systems that hold or transmit data. A significant risk to information lies in the conduct of electronic commerce, hereinafter called e-commerce. E-commerce is the purchasing or selling of goods and/or services through the internet or other electronic means (Liu, Chen, Huang, & Yang, 2013). In this article, the researcher will discuss cyber warfare risks, present an evaluation on established security measures, identify potential victims of identity theft, and present an examina...
Recently, the Internet has become the most significant technology in all over the world, which is not only used by the people to contact with each other but also utilized by the business organizations to become global (Taylor, Caeti, Loper, Fritsch & Liederbach, 2006). Computer and internet enable the business organizations to execute the Electronic commerce business model, which has become very popular. Computers and Internet are a powerful source in the success of globalization and international business. Computers are being used worldwide and due to this, cyber crimes are increasing continuously with a rapid growth (Cheeseman, 2006).