Each student will be required to produce a 13 page (double-spaced) final paper connecting to the theoretical and/or methodological interests of the course. As an example of this project, reflect on some of the business examples and business issues presented in the class. Is there a business that requires a transformation in its system technology and design? Is there a way to make the business more efficient and perhaps safe using business information systems such as CRM, security or even producing a cyber hacking policy?
This is the Topic for the Paper
Cybersecurity has become an important phenomenon for both IT professionals and top business executives. The adoption of information technology in business processes has made organizations vulnerable to cyber attacks (Corallo et al., 2020). The effects of flawed cybersecurity can range from reputational damage, legal and financial impact on business performance. Its therefore important to educate employees on cybersecurity policies and their potential impact on business performance. This ensures that each employee is made aware of his/her role in cybersecurity and in generally protecting IT systems from attacks.
Impact of cybersecurity policies on business performance
An organization’s cybersecurity policy defines how each employee, partner, external consultant, and supplier access IT resources for the company in an accountable way to prevent data breaches that could otherwise be financially costly. Organization can mitigate cybersecurity risks by developing various information security policies such as remote access policy, password management policy, email policy, social media policy, wireless communication policy amongst other. Recent studies have shown that employees are the weak link through which most cyberattacks have been launched. For instance, an employee would open a malicious email attachment, sending unencrypted sensitive files over a network, sharing passwords, could have serious ramifications on IT security.
Cybersecurity policies help to safeguard the image of an organization. Industries such as insurance, health care, and finance could face hefty penalties if a security breach occurs as a result of weak cybersecurity policies (McAFee, 2020). The loss of confidential consumer data badly i
njures the reputational standing of such organizations. This can lead to a loss of clientele base. Further, the business can experience reduced profits, sales as a result of a data breach. Other stakeholders such as suppliers and investors would not want to be associated with such organizations thus damaging the relationship between the business and the stakeholders.
Legal consequences could also emerge as a result of data breaches. In most countries, organizations are required to ensure sensitive personal information is safeguarded from unauthorized access. Fines and penalties are usually imposed on such organizations that fail to secure consumer’s personal information. In case of a data breach, organizations are required to notify their clients of such and the extent to which the data has been compromised (McAFee, 2020). For instance, by notifying users of a data breach, the company can inform the clients to urgently change their login password to avert further damage. Another legal impact is that the organization that breached sensitive data could be compelled by a jury/ court to pay the plaintiff’s legal bills emanating from litigating the case. Depending on the weight of the data breach, business managers can face imprisonment or a life sentence.
A written Cybersecurity policy help to educate employees on potential threats and how to manage cyber-attacks in case they happen. A quick response plan should be established to help the organization bounce back to normal operations in the advent of a cyber-attack. Having a written reference point helps to improve efficiency and consistency in the workplace as a considerable amount of time that could have been lost in recovering from cyber-attacks is used productively.
Cyber-attacks have serious effects on business performance. Reputational damage caused by data breaches can lead to reduced profits, poor sales performance. Also, legal ramifications such
as penalties and fines can affect the financial strength of a business involved in breaches of sensitive personal data. Organizations should formulate cybersecurity policies to help mitigate cyber-attacks.
McAFee ( 2021).How cybersecurity Policies and procedures protect against cyber attacks.https://www.mcafee.com/enterprise/en-us/security-awareness/cybersecurity/cybersecurity-policies.html
Corallo, A., Lazoi, M., & Lezzi, M. (2020). Cybersecurity in the context of industry 4.0: A structured classification of critical assets and business impacts. Computers in industry, 114, 103165.
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