Cyber Security Management: Associate Risks and their Management

Briefing note for the shareholders of Red Clay Renovations

The management of cyber-crime and related computer disruptions is essential in order for company business to be maintained through the application of company risk actions for cyber security linked risks.

Purpose

This briefing note represents cyber-attacks, computer system disruptions, and the associate liability in case third party equipment that has been installed by us fails in relation to the provision of adequate security for company residential clients.

Background

Red Clay Renovations is a well-known company that deals with face-lift and restoration of housing units and homes. The company majors in informing home patrons using internet technology. Even though we use internet technology, we also retain long time, correct architectural features in the course of our operations. The company deals with a risk management process that’s formal in nature. This process involves the singling out of risks, the analysis of the impact of each risk, the determination of appropriate risk actions and further, the implementation of the risk management plan grounded upon the certain risk actions (VERACODE, 2015)

Current status

According to the company’s management and the IT Security department, cyber-crime and computer system interruptions are increasing relative to the IT risk management programs within the business, and these are costing the company significantly. Cyber-crime and computer system breaks are devious criminal activities that are usually intended towards breaking corporate cyber security. Usually, the electronic breaks and disruptions are purposed to access and violation of the firm’s intellectual property rights alongside the clients’ financial information. Cyber-criminal does this in order to ensure that companies such as ours do not receive services from their websites. Further, they wage systemic viral attacks either to destabilize online corporate activity or in order to track the company’s online activities. All companies that do their businesses online have to deal with these vices in one way or another (Tarantino, 2008)

The risk of cyber-attack carries with itself an associate effect in terms of increased operational costs in form of the funds that are dedicated so as to assure cyber security. Companies that want to remain on top of business need to guard their investments from online robbery. As such, they have to incur costs with respect to identifying risks, building new and safer operating procedures, and also have to bear the cost of installing protective software and hardware. Seeing as our company has complex and sensitive operations, we need to hire a cyber-security consultant who is to develop a customized solution to our cyber security problems. More costs will be incurred in undertaking sustained testing and monitoring so as to ensure that the system is effective against computer interruptions and emerging cyber-crimes. These costs have to be shifted onto company customers in form of higher installation prices and other related services.

Cyber-crime continues to attract other devious professionals, in this case the cyber activists, into its folds. These professional hackers attack online corporate databases and operations and consequently, release sensitive information pertaining to the clientele on public fora. This may cause the company to lose clients and further, may adversely affect the company’s public image. In turn, this causes losses in terms of revenues (Juiz & Toomey, 2015).

Option

For the company to survive cyber security related risks, it needs to acquire cyber liability insurance, an asset management and protection program, configured baselines, IT configured management systems and software besides ensuring that its auditing department complies with IT security policies, plans and procedures.

Cyber-crime, computer disruptions and failure of installed equipment can impact company businesses in many ways. Companies have to device ways of collecting and storing information so that the sensitive information is not vulnerable to cyber-attack. Many companies can no longer store their own financial and their customers’ information. Their online stores are shut down, seeing as they cannot sufficiently protect themselves against cyber-crimes.

In conclusion, the company management recommends the above option in order for the company to survive any possible, future cyber-attacks.

References

Juiz, C., & Toomey, M. (2015). To govern IT or not to govern IT? Communications of the ACM, 58 (2), 58-64.

Tarantino, A. (Ed.). (2008). Governance, risk, and compliance handbook. Hoboken, NJ: John Wiley & Sons. Retrieved fromhttp://samples.sainsburysebooks.co.uk/9780470245552_sample_385600.pdf

VERACODE. (2015). A 2015 survey: Cybersecurity in the Boardroom . New York, NY: NYSE Governance Services. Retrieved from https://www.veracode.com/sites/default/files/Resources/Whitepapers/cybersecurity-in-the-boardroom-whitepaper.pdf